So this is neat: The two legendary artists most responsible for Marvel’s early success team up to create a comic teaming up the two titles most responsible for Marvel’s early success (Spider-Man and Fantastic Four)! It’s also the first time we see someone other than Steve Ditko drawing Spider-Man, other than on the cover of Amazing Fantasy #15 (which was also penciled by Kirby, and inked by Ditko).
By most accounts, this is the first annual with mostly original material to take place in the actual Marvel Universe. (The second was Fantastic Four Annual #1, which came out the following week.)
Nerdwise, it’s an incredibly significant story because it’s the first time Human Torch and Spider-Man meet on the crown of the Statue of Liberty. This would become an iconic rendezvous site.
It’ll become the “makeout point” for these guys’ ongoing bromance.
Other than that, the story is pretty generic: Spider-Man is framed (again) for a crime, Torch goes to arrest him, they fight-then-realize-they’re-both-good-guys, and then they stop the real villain, who is a one-off thief called Fox.
During the fight, Spider-Man uses custom webbing to stop Torch.
Then they bicker so much that the Fox wants to go to jail to get away from them.
Note: Steve Ditko inked over Jack Kirby here.