I talked about this previously how this idea was interesting. After three issues of its own comic, I thought it about time to finally chime in my 2 cents.
I enjoyed Ultimate Fallout though it felt like Miles was rather shoe-horned into there. That being said his own comic had shown promise. So it wasn't the concept I had an issue with (far from it in fact, since the concept of spider-man and his body-suit has always been it could be anyone). It was how it was implemented and revealed far too fast to build hype. His own comic has been superb though. Only 3 issues in so far, and if it keeps up with this pace and story excellence I'm going to keep reading for at least another 30. The one thing to keep in mind is that the new Ultimate Spider-man takes place before Ultimate Fallout. So it's still building to that scene you saw in that mini-series.
This comic is definitely on the must read list I'd give to anyone, and much praise to Bendis for doing such a fantastic job.
Any worries I may have had about potential stereotype usage has been put to bed. This comic within three issues has proven its merits beyond a shadow of a doubt, and the future will hopefully and rightfully so look back upon this as one of the most memorable and amazing comics of the 21st century. If you were a nay-sayer, you should really give this comic a chance, let it speak for itself after reading it, instead of slamming it and never reading it.