It came from the Toy Chest: Just give us the Silver and Black Spider-Armor!!

Another Game based Armor for Spidey that looks like Stark paid for it and not made by Parker.

And like the Velocity suit, I'm not a fan of the armored bodies for Spider-Man... Original Comic Book Spider-Armor mk.1 being the exception.

articulation
Spidey has the same issues as Velocity suit.

He doesn't pass the 3 pose test:
My personal test to see if a Spider-Man figure "does whatever a spider can". The 3 poses are:
Web Yo-yo, Spider-Man crouch, MvC stance.
The pic above is the attempt to recreate the MVC stance.
It didn't work due to the shoulder pads and the armored body limiting some articulation. Web Yo-yo is a smidge better than Velocity suit, but not good enough. Same for the crouch pose.
3.5

paint and sculpt
He's a bit better than Velocity suit in this department. No issies in the paint department and plenty of new parts that were unexpected.
4.5

accessories 
A BAF piece, a cool web effect, but no extra hands. This will be a huge issue throughout the wave.

I really need a JJJ!

A cute Web in your face effect cannot make for the shortcomings of the figure.
2.5

Tony: So, whaddya' think, kid?
Spidey: I look worse than the time Captain America wore hockey pads!

overall
Spider-armor mk.3 gets a 3.5 as his final score. As an Iron Man figure it would have felt a lot better. The problem is that this is a Spider-Man figure. The lack of accessories and inability to do key Spider-Man poses hurt this figure.
 The demogoblin piece  and the webbing effect, are the real reasons to get this figure.