Seriously, they're both written exclusively by the same guy. It boggles the mind.
Anyway, the issue starts with Kingpin watching over his wife, who appears to be in a coma - at the very least she's in bed with an IV hooked up to her and her eyes closed. Rose comes to announce that someone is auditioning to be the new fist, but Kingpin ain't talking any of that around his wife.
Next we get to see inside Moon Knight's incredibly messed up head again, as his personalities discuss creating a new one in order to infiltrate the Kingpin's ranks. Apparently they did it before when they made Moon Knight, and that didn't work out so well for them. Still, it ends up being done, because Ronin has his audition. He takes down all of the mooks, but Kingpin says he wants more - he wants Spider-Man brought to him.
Oh, and the collective we know as Moon Knight was a Gulf War Super Soldier experiment gone wrong and used to go by Paladin, if all that is new. I honestly don't remember anything about Moon Knight's last appearance except for the brilliant bit with Spidey taking his moonarangs "Those are mine!" "Nuh-uh, you threw them at me, and now they're mine."
Next is MJ handing in a video piece she's done on Spider-Man and Midtown High to the school's tv channel, trying to secure a spot on the staff. They're more than happy to accept her, except Jessica who's put off by MJ being so much younger than her and yet producing such a great piece. Some nice characterisation for Flash and the new headmaster, who seems like a nice guy and so will either be evil, killed or both.
MJ tells Peter the good news and Kitty happens to walk right by at that exact moment. Poor Kitty. I really liked them as a couple. Peter tries to introduce them, which doesn't scream "Hey look at me, I'm Spider-Man" too much, given that they're visibly surrounded on all sides.
Liz and Kong show up, with Liz being bitchy and Kong looking oddly hot, then "Moon Knight" hot wires a school bus and Ronin crashes it through the front doors. The other personalities aren't happy, and a whacked out battle occurs between Moon Knight and Ronin inside their head and Ronin and Kitty, then Ronin and Spidey, in the real world. It ends with Ronin suffocating Moon Knight and knocking out Spidey, hijacking the webshooters to get away. MJ captures the escape on film (another winning story at the expense of her boyfriend! Go her!), and the Kingpin orgasms at the sight of Spidey under his power. The next issue totally needs to start with him going "Tadaah! Faking!", as a reference back to the truly classic #12 (I think).
Anyway, the main point of the issue was that Ultimate Ronin is impossibly cooler than the original, and it's only been one issue. He's better in every way, and he's damn interesting now. It's funny that this is the one Ronin we've known the identity of from the very beginning, and yet it's also the one Ronin who's at all interesting outside of that identity.