Well put "review"! I think you nailed it when you say that Peter really never comes out on top.
I have a question for you- since having read a bunch straight through, do you feel that the Gauntlet is wearing Peter down? I've never felt that way, but I was wondering if it reads like that when you read a lot of issues in a row.
The Guantlet feel pretty flat from my perspective. It was initially built up to be similar to Kightfall in having the hero worn down systematicly before the mastermind came in for the coup de grace.... sadly, Spidey never seemed all that worn down and only made brief and passing mention of it a few times, unconvincingly at that, throughout the entire storyline. He has actually seemed run more ragged in the current storyline.