Spider-Man was the first comic book character I ever collected, way way back when in the halcyon decade of the 90s. I stopped following Peter Parker shortly after the Maximum Carnage storyline, only to return for a few years during Bendis’s excellent Ultimate Spider-Man run. So while I am a bit leery of Magic’s foray into the world of modern superheroes, I’m not completely unexcited by the idea. And regardless of whether or not I’ll like the aesthetics, the cards and mechanics look fun - and worst case I can always do what my bright and sunny friend did during Duskmourn and pretend all the cards have blank art. Let’s see what’s in Spider-man!
But First…
… there’s something important to keep in mind about SPM: excluding the bonus sheet, the number of draftable cards is only 188 (for comparison, Edge of Eternity has 261 cards). As a result, there are only five Limited archetypes, a number that would leave a typical 8-person draft pod feeling a bit cramped.
In order to accommodate this unusual sizing, Wizards is recommending an alternative draft arrangement: 4-person draft pods, where each person picks two cards at a time. Personally, I haven’t tried this “Pick 2” draft format yet - but Wizards has been creating excellent Limited formats for quite a while now, so I’m willing to trust them when they say it’s quite fun!
Mechanics and Themes
Web-slinging

Thiwip thwip here comes an amazing Spider-Man with the signature mechanic Web-slinging! A creature with Web-slinging can be cast for its alternative Web-slinging cost if you also return a tapped creature to your hand. Why would you want to do this? Maybe you’ll get a greatly reduced cost, as with Spider-Man Web-Slinger; maybe you’ll get a more powerful effect, as with Spiders-Man, Heroic Horde. And - more subtly - maybe the creature you’re bouncing back to your hand has an “enters the battlefield” effect that you’d like to use again.
Mayhem

Discarding a card is often an unfortunate side-effect, but Mayhem turns a downside into an upside: if you discard a card with Mayhem, you can cast it later that turn from the graveyard. Some players may immediately recall the Madness mechanic, which is very similar; however, there’s one key difference in that Mayhem cards still must obey timing rules. That means you can only Mayhem in Spider-Islanders at sorcery speed; however, Swarm, Being of Bees can still come in at instant speed since it has Flash. Keep in mind that having Mayhem cards is only one half of the equation; you’ll also need ways to discard them. We’ll talk about how down below!
Modified

A creature is considered Modified if it has a counter, has an attached Aura, or is equipped. There is an obvious benefit to being buffed, but SPM adds a little something to the pot with cards that care about creatures being Modified: Skyward Spider gains flying as long as it’s Modified, while Silver Sable, Mercenary Leader can give a Modified creature lifelink.
Connive

When a creature Connives, its controller draws a card, then discards a card, then puts a +1/+1 counter on the creature if the discarded card was not a land. That’s a lot of stuff that happens, but what Connive boils down to is a potent mix of card selection and creature buffing (with a side of graveyard shenanigans). That means Unstable Experiment is both a cantrip and a combat trick, and Spider-Man Noir is a exponential-ish buffer that also lets you speed through your deck to find whatever you need.
“Source Material” Bonus Sheet

The “Source Material” bonus sheet brings a wide variety of spells into the set. However these cards only appear in 1 out of 24 packs; that means there’ll be an average of 0.5 “Source Material” cards in a 4-person “Pick Two” draft. Don’t expect to see a lot of these!
Archetypes
There may be only five Limited archetypes, but they’re well supported with two signpost uncommons each. On top of that, each archetype has an associated hybrid mana uncommon and common.
White/Blue: Modified

It’s easy to see how SP//dr, Piloted by Peni fits into a Modified deck; it’s both an enabler with its +1/+1 counter text, and a payoff with its card draw ability. On the other hand, Wraith, Vicious Vigilante is neither payoff nor enabler; it’s simply a creature that ends the game incredibly quickly once you load it up with modifications. Sun-Spider, Nimble Webber and Skyward Spider are similarly good targets for your buffs (with the former also grabbing Auras and Equipment out of your deck). Put these pieces together, and your opponent will have a hard time racing your ever-growing threats!
Blue/Black: Conniving Villains

“Connive” and “Villain” really is the ideal pairing of ability keyword and creature type, and Prowler, Clawed Thief takes advantage of both with his powerful ability. Remember though: although Connive has the potential to buff your creature, its true power is in its card selection; for example, you can throw something like Morbius the Living Vampire into the graveyard and get value out of him later. Take your time to sculpt your hand with Mob Lookout, neuter early threats, and then throw down Vulture, Scheming Scavenger in the late game to fly your army of Villains to victory!
Black/Red: Mayhem

Mayhem only works if you have a discard outlet, and Scarlet Spider, Kaine is the rare card that fits both sides of the equation. The other three signpost cards act primarily as ways to discard cards, which says a lot about what you may want to prioritize when you build this archetype. Notably, the three all have slightly different roles: Pumpkin Bombardment is a removal spell that you won’t mind paying full cost for; Shriek, Treblemaker is a pesky little thing that might win you the game even if you don’t discard Mayhem cards; and Green Goblin, Revenant is perfect as a curve topper that has the potential to refill a depleted hand. Hopefully you won’t need to, however; ideally a Mayhem deck dumps its cards out quickly, and then wins through sheer unrelenting pressure.
Red/Green: Mana Value 4 or Greater

Rhino, Barreling Brute is not a cheap creature, but his abilities are more than worth it: a big vigilant hasty trampling threat that also draws cards (and note that you’ll draw a card if you attack the turn you play him). The trick, of course, is to live long enough to get up to seven mana. Mana dorks such as Spider Manifestation help - but maybe it’s worth it to just try and win fast with undercosted threats such as Kraven, Proud Predator, and cheap removal spells like Rhino’s Rampage. Get on board and start smashing quick, and your opponent will find themselves hard-pressed to keep up.
Green/White: Web-slinging

The obvious utility of Web-slinging is that it (usually) lets you put in an expensive creature for far cheaper; putting in Spider-Man India for only three mana is a perfect example of that. His other ability gives you a hint towards the mechanic’s more subtle benefit: it lets you recast the creature you return to your hand, which is ideal for creatures - such as Gallant Citizen and Web-Warriors - which have strong enters-the-battlefield effects. Spider-Girl, Legacy Hero is a little different in that her bonus comes when she leaves; regardless, she’s still a great candidate for Web-slinging. The overall package is creatures + value, and that formula is often enough to win the game.
Key Commons and Uncommons
Two notes, both due to SPM’s reduced set size. First: I’d normally list three cards per category here, but this time I’ve only listed two. Second: there are far fewer “filler” commons and uncommons; that means the average card quality feels far higher compared to full-sized Magic sets.
White
Creatures

Flash Thompson, Spider-Fan: There are so many ways you can trick and bully your opponent with this card, it’s not even funny.
Daily Bugle Reporters: A creature that drops +1/+1 counters when it enters the battlefield is ideal for both Modified and Web-slinging decks. There’s actually a bunch of these creatures in SPM, but this one gets a slight edge due to its efficiency and flexibility.
Non-Creatures

Spectacular Tactics: A single well-timed protection spell can win you the game; one that also has the option to remove a big threat - well, that’s particularly good.
Web Up: Unconditional removal, three mana, etc etc.
Blue
Creatures

Doc Ock, Sinister Scientist: This creature requires you to build your deck in the right way, but if you do he’ll win you the game on his own.
Spider-Byte, Web Warden: A bounce effect stapled to a creature - that’s always good.
Non-Creatures

Spider-Man No More: Here’s your traditional Blue Aura-based “removal” spell. It’s fine.
Whoosh!: Bounce a permanent, maybe draw a card, what’s not to like?
Black
Creatures

Scorpion, Seething Striker: It takes a little work to get the Connive ball rolling, but once it does it’ll grind your opponent into dust.
Tombstone, Career Criminal: Grab a Villain from your graveyard, play it (and other Villains) for less mana, hurray!
Non-Creatures

Scorpion’s Sting: The rate is good for what it does.
The Spot’s Portal: Technically this isn’t an instant-speed “kill” spell, but it may as well be.
Red
Creatures

Raging Goblinoids: There will be games that just end when someone casts this on turn 3.
Superior Foes of Spider-Man: It’s not quite repeatable card draw on a red creature, but it’s pretty close.
Non-Creatures

Electro’s Bolt: Decent if you cast it for three, amazing if you cast it for two.
Wisecrack: It won’t kill everything, but close enough.
Green
Creatures

Professional Wrestler: It’s good that he (temporarily) ramps you, it’s great that he can make blocking untenable for your opponent.
Spider-Rex, Daring Dino: Good blocker, good attacker, good protection, good stats.
Non-Creatures

Pictures of Spider-Man: I’m actually not sure if Green pseudo-Divination is good, but I’m curious enough to want to try it!
Terrific Team-Up: A nice, safe, instant-speed Green removal spell.
Other Cards to Know
Mana Fixing
SPM has a cycle of five allied dual lands (that also let you Surveil):


There are two lands and two artifacts that will fix for mana of any color:

And the typical extra Green options:

Overall? Mana fixing is - not bad; if you want to splash for a fun rare or removal, you’ll definitely have the opportunity to do so.
Creatures with Reach
Why do some spider-heroes have Reach while others do not? Beats me, but it’ll be a good idea to keep track of the ones that do.


Summation
So what should you keep in mind when playing Spider-Man?
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There’s been some controversy regarding the genesis of this set, so it’s worth saying: I think that Wizards has created a very interesting Limited environment.
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Mechanics play very well with each other (for example, Connive is an excellent Mayhem enabler). That means there’ll be interesting draft and deck-building decisions, including whether it’s worth playing three colors or not.
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In some ways, this Limited format reminds me of box sealed. There, you end up with such a humongous card pool that it’s easy to weed out the chaff - but hard to decide how to build a 40 card deck from the large number of cards that remain. SPM has little chaff, which results in a similar challenge.
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What matters as a result? Curve, balance, and an understanding of how you want your deck to execute. Expect to face difficult choices when you draft and construct a deck.
Good luck!