So of course, they killed him - and this being Ultimate Universe, it can last pretty damn long. I appreciate that at least he's not going down like a punk, but he's still a great character with still lots of stories to explore (J.J.J. knows his identity and is actually on his side, the whole gang in his house can go as a team to fight larger threats, his relationship with the hero's community now that he knows Cap and Iron Man personally) and is pretty much irreplaceable.
Which is why I'm a bit annoyed that they're going to replace him so quickly, sure they say that the replacement is inspired by Spidey but still...Oh, and I heard rumors that the replacement is a black guy, so finally Donald Glover can get the role if they're going to make a movie based on that.