ABSOLUTELY CLASSIC!  This is the episode that hooked me on this show (and on comic books).  To this day, I feel that the dialogue is as sharp and witty as the day it first aired.  It's got everything a Saturday morning cartoon needs...AND NOTHING TOPS that superhero costume party for sheer comic book fans thrills!  Without a doubt, this is one of the best episodes.  I was a little disappointed to find out the episode was so similar to the Green Goblin episode in the other 1981 Spider-Man (solo) cartoon, but still a GREAT first impression.

An excellent first adventure for the Spider-Friends.  The dialogue is wonderfully astute and witty throughout the episode and this playful banter really defines the characters and underlines the shows sense of fun. The action keeps a great pace and the costume party proves to be a fantastic backdrop to the beginning of the story; what a terrific idea to present all those super-heroes, in the first ever episode!

Not my favorite but one of the best.  No pulling any punches, they put a lot of the best stuff in the first episode.  First by using Spidey's most popular villain and then with all the cameos of Marvel heroes (even if they were just college kids in costume). Definitely some of the funniest dialogue written for the show.  It was and still is a very enjoyable episode.  It is a big improvement over the solo Green Goblin story although I too was disappointed that much of the story was adapted.  This was almost too good of a start because of the high standard this episode sets for the other shows to follow.  I do feel a few episodes were able to top this one but not many.