"Aunt May starts it out, with a voiceover about responsibility. Then we see Peter getting yelled at by several different people, including Jameson, about being late. We also hear Jameson tell Peter he's fired. Curt Connors also shows up, talking to Pete about missing classes.
MJ tells Peter she can't keep thinking about him, and is getting married. Then Peter says he doesn't have to always give up what he wants, and throws away his Spider-Man costume. We then see him walking around, wearing glasses again, and telling MJ he decided he no longer has to be devoted to anything but his own happiness. MJ tells him she likes him being himself.
Then we see Harry, chiding Peter about being Spider-Man's friend. He also talks about Octavius having a new invention that will put Oscorp on the map. We see Octavius have his accident, then hear Jameson saying "A brilliant scientist turns himself into some kind of monster with mechanical arms!", and see Ock climbing down the hospital wall.
Harry tells Ock to find Spider-Man for him, Ock asks how he'll find Spider-Man since he's apparently left town, and Harry says to go after Peter to get to Spider-Man. Next we see Ock in that cafe, grabbing Peter by the neck and telling him to bring Spidey out of hiding or he'll peel the flesh from MJ's body.
CG shots of Ock throwing car doors, hubcaps, etcetera down a street. A little boy asks Peter if he knows where Spider-Man is, since Peter knows Spidey. We see Spidey swing around Ock, sticking to a wall. Then we see Ock, holding Spidey as he says "You're beginning to annoy me," and Spidey says "Yeah, I get that a lot." We then see him being laid down in front of Harry, and as Harry rips off Spider-Man's mask, the Spider-Man 2 logo pops up.
There was other stuff in there I am sure I forgot about, but that's it as close as I can remember it. Seeing the footage, I am very pleased with it, especially since it looks like Pete's wearing the glasses, not cause of some cliched "I lost my powers" angle, but a cliched "I don't wanna be Spidey anymore" angle, which I personally prefer since it matches with the comics more."