Answer: When he is the new version of the Amazing Spider-Man. Being a superhero, it seems, covers a multitude of sins.
Here's the thing about Peter Parker in all the other tellings of his of origin: Peter is a really good guy. He is smart, hard working and devoted to his aunt and uncle. He usually makes the right choice. His defining moment is when he dosen't stop the thief who eventually kills Uncle Ben. Peter realizes that a lifetime of good choices can be wiped out by one lapse of judgement, and he spends the rest of his life making up for it. Whereas Batman was driven by vengance, Spiderman was driven by guilt. In the Ultimate Spiderman arc, Peter is killed while saving everyone on his block. As he dies he tells his aunt May, "It's ok, I couldn't save uncle Ben, but I could save you."
The Peter Parker in this movie gets his powers by breaking the rules. He takes no personal responsibility. The famous "With great power comes great responsibility" does not even make an appearance. He goes after his uncle's killer for vengance. He breaks a promise to Captain Stacey - who the comic book arc shows to be prescient about the danger Spidey poses to his daughter. This Peter is a mix of Twilight's Edward and Bruce Wayne. He is brooding, mean-spirited, and full of anger. Even his quips feel angry.
The first Spiderman ended with Peter saying it was his curse to be alone. This Spiderman ends with Peter saying that he doesn't care about promises or the risk that Gwen is taking. He just cares about himself. The new breed of superhero can apparently be self-absorbed, arrogant and dishonest when the mask is off, then transform into someone awesome when the mask is on.
Two scenes stood out to me. In one scene, Spider-Man stands framed in front of the American flag. It was a great movie shot, but I wonder: what did Spider-Man stand for that mirrors the American Dream? Arrogance? Self-aggrandizing? Dishonesty? Revenge? In the second scene, Aunt May says, "If there's one thing you are, it's good." Really? Good how? And at what, exactly? In order for that statement to even make sense, I had to draw from the older version of Spider-Man, a hero who was kind, honest, empathetic, and sincere.