Quick Question:
Can i as a total spiderman "N00B" (Ive seen like 10 episodes of the animated series and watched the 2 Sony pictures) appreciate the games story and fully understand it? AFAIK the relationship between Venom and Spiderman is kinda deep and complex, how does the game handle this?
Well, this is a new reality of sorts. Not in any way tied to normal Marvel comics. Ultimate in itself is it's own universe. The reason i'm saying this is because with this universe comes new relationships, back-storys, and so on. Eddie and Peter's relationship in Ultimate Spider-Man is quite different from the normal comic/cartoon/whatever relationship of Eddie hating Peter/Spidey because he ruined his career.This new Ultimate relationship is covered at the beginning of the game, infact, you will actually be reinacting alot of what happened in the Venom storyarc at the beginning. So yes, you'll be able to get into this no problem.
BUT, and this is a big but, this is a very different universe. For example the Aunt May isn't a frail old woman, she's an independant ex-hippy (In her later 50s - early 60s, I think), who does office work. It's not difficult at all to get into this story, all you have to remember is that this universe is a more modern interpritation.
EDIT: Just thought I'd add a little something...playing this game is no different than watching a new comic movie. For example, when watching Batman Begins, does one have to know anything about Batman? No, not really. The Ultimate series is the same way. More-or-less you learn about the world at hand as you play/watch/read/etc. It's just a new interpritation, of characters who in the past 50 years have become way too bogged down in continuity (Or lack-there-of).