At the very least, Vicarious Visions and Activision deserve credit for not simply porting the console version of Spiderman 2 to the PSP. It seems that's all companies are doing even with a limited library on the PSP already. The problem here is that Spiderman 2 was a great game on the home systems. The PSP rendition is not.
It's not that it's missed the mark entirely. It plays much like an upgrade of the original two Spiderman games on the PS One. That means the free-roaming aspects have disappeared entirely, each section of the game now split individually into short levels. The title loosely follows the plot of the film, changing things along the way, including adding new villains and switching up the ending a bit. Along the way, you'll plow through using basic beat-em-up mechanics to take down lower level thugs until you reach the main perpetrator.
Spiderman himself looks great on the small screen, complete with all the necessary details. He's animated fluidly, containing most of the combos he has possessed since those original versions. The environments he swings about in are highly detailed, deep, and impressive. In-between each stage, completely original and occasionally stunning CG cinematics play, mimicking the movie where needed. A few muddy textures can be spotted, though in the heat of a battle, you're not going to pick up much.
The games biggest problem is that there's not enough of anything. On the easiest setting, prepare to blast through the game in less than three hours. For harder difficulties, add an hour for each step up. One play through is enough to unlock everything, see all the moves, and produce a fully powered-up human/arachnid hybrid (which you'll do by performing complicated combos and earning money to use in a store).