If MGS3, a PS2 game is easily possible then I don't see why anything remotely close to Spider-man 2 or even Ultimate Spider-man isn't...
That's a good point but, at the same time, it may be an issue of draw distance. Even Ocarina of Time 3D had the "fog" effect. And the fact that the fog effect was reduced, but still present, might prove they at least tried to minimize it, but it was impossible to eliminate it. And an open world game like the console version of The Amazing Spider-Man would require WAY more draw distance than Ocarina of Time would.