Ultimate is much better imo but I also really like JMS' run. JMS did an amazing job at introducing new concepts to a story which has been running for about 40 years by the time he started writing Spider-Man. He story-telling was amazing and he made Aunt May and MJ much more interesting & important characters. It's sad to me that his entire run was pretty much wiped out and is ignored by other writers.
However, in Ultimate, Bendis managed to built a complete story, with a clear beginning and a clear end (at least until he decided to undo it), in 160 issues. He built the entire Spider-mythos from the ground up, excelling remarkably. Bagley's work alongside Bendis was just an amazing.
To me, while JMS' run gave us a daring reinvention of a character which existed for over 40 years and was great at it (still one of my favorite ASM runs to date), Bendis' run gave us the ultimate (pun intended) Spider-Man story. It's basically a 160 issues long love letter to the character.
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