I was present at the Marvel Animation panel at the Chicago Comic and Entertainment Expo were they announced that Spectacular was "not moving forward" due to what they assumed to be Sony and they are not sure whether they are going to bring that crew to the Ultimate Spider-Man show (described below). Then, they announced the end of Wolverine and the X-Men because of the "Financial problems" so yes very disappointing news...
"Ultimate Spider-Man will be a unique journey exploring our favorite web-slinger as he teams up with other fan favorite Marvel Super Heroes
in never before seen stories with a new life filled with great
challenges, new friends, intense action and character growth
Eric S. Rollman, President of Marvel Animation.
Marvel has announced a new Spider-Man series, Ultimate Spider-Man. That's right, they are getting rid of the popular series and bringing a new one. No one has said yet why, but the question is: Is this good thing?
The Spectacular series is a remarkable series and was a breath of fresh air that brought, Spider-Man back from its odd comic-continuity and brought me back to how Spidey was and could be. But alas, we have a new series on our hands, and from it seems will be appealing to a younger audience. For whatever reason they are doing this I hope they keep the same creative team, because the animation is Spectacular was no less than that, Spectacular...
So all-in-all; personally, I don't think so. I think this is just another ploy to
bring in a younger audience and possibly be a preview or test to the
Spider-Man reboot. Or it may be great, but it will be hard for the fans to accept it is what I'm feeling. But, what do I know.
I'll miss the theme song :(