White Rabbit and her gang take over a TV station and threatens to kill Grizzly and Gibbon unless she is given a billion dollars in gold. Peter Parker goes to help since G&G are trying to go straight, but since he’s still wanted for murder (he was framed by Norman Osborn), he does it as Paper Bag Man.
It’s supposed to be a funny issue. I wouldn’t say it’s funny, but is droll.
At the end of the issue, Mary Jane makes Peter a new costume–a yellow suit that she dubs Prodigy. That will be part of the Identity Crisis crossover, next. This issue doesn’t have the I.C. tag, but it should, given that the “event” focuses on Peter Parker’s other identity being in crisis, and he wears two different costumes in this one comic.