Yes, this world is the one that belongs to still ongoing Amazing Spider-Man strip that is credited to Stan Lee and Larry Lieber (I don't know if they actually still make it or not). There are some neat things going on here, with the panels broken up into individual strips and Morlun commenting on how long it takes for anything to happen. It's been suggested that Master Weaver saves this Spider-Man because his story is still ongoing; I'm not sure if that's true, but it's an interesting story either way.
From what I understand, Stan Lee does not write the strip much any more, and it is mostly ghostwritten by Roy Thomas. I don't know anything about Larry Lieber still drawing the dailies (Alex Sauvik draws the Sunday strip, and is credited).
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