And apparently the script problems weren't just about which villain to use. Raimi was championing a story line that's just plain ridiculous and extremely familiar. Here is how NY Mag described the plot of the now-dead "Spider-Man 4":
"Peter Parker gets over MJ, finds a new girl, falls in love. But: Peter also discovers her father is actually the Vulture, a naughty green guy with wings to be played by John Malkovich. Peter is torn between the love of his new lady and taking down the Vulture. Being a Spandex tight-ass, he decides to take down the Vulture, and kills him. This patricide goes down poorly with Peter’s new fiancee, and she rejects him. Despondent, Peter decides to abandon his superpowers, and Movie No. 4 ends with Peter Parker throwing away his Spider-Man mask, and audiences wondering if they are watching Superman II."
This has convinced me that reboot was the right move, the story is plain ridiculous.