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Given the amount of public press that has been given to the event, I don't think we need to worry too much about spoiler warnings when mentioning that Ultimate Peter Parker finally dies in Ultimate Spider-Man #160. As you may know, this is being followed by a six-part limited series entitled Ultimate Fallout. Subsequently we expect to see a new Spider-Man take his place in Ultimate Comics Spider-Man (Vol. 2), scheduled for release in late 2011.
The "Death of Spider-Man" was probably interesting enough alone to gain good coverage on mainstream media (as did the various preceding deaths of Superman and Captain America). However, the wrinkle which really seemed to guarantee prime coverage is that the new Spider-Man is to be an African-Hispanic American.
Whatever. Personally, I'm just pleased the replacement isn't a Generically-Replicated Gender-Mapped African-Hispanic American.
Anyhow, it's not as if this is without precedent. May I refer you to this list (by Eric Diaz) of 12 African American Heroes Who Replaced White Ones. Read it well, and you will be able to scoff dismissively at those you meet at parties who suggest that the Spider-Man replacement is anything particularly new or original.