Under most circumstances, this would be great news.
However, Spectacular may have been the best Spider-Man cartoon ever, so it's disappointing to see that get canceled for reasons that have nothing to do with artistic merit or ratings. Now it'll take Ultimate a few years to get to where Spectacular is now (the work required to cast the show, come up with an episode bible and actually do 26 episodes.) This type of cancellation also doesn't bode well for Ultimate's long-term prospects.
I also doubt that Ultimate the show will devote episodes to Peter Parker's personal life, which had been part of the appeal of the comic.