I think the ASM has a pretty good translation of Peter's character from those early comics, but with an updated and modern approach. In some of the early comics, Peter gives Betty Brant a call, and when she doesn't answer, he tries asking Liz Allen out on a date instead. Something like that would be horrible in a movie, especially now - but it shows that Peter can be quite cocky.
Also, i'm pretty sure that Peter actually took part in a boxing match with Flash in the comics, and embarrassed him by knocking him out (albeit semi-accidentally). Though, the whole Flash thing is a lot harder to do in a film, because you have a lot less time. In the comics, there can be a bit of development with Flash every issue or so - but in a film, you basically have to set up his character straight away - and have him change fairly quickly.
I really liked that ASM had Flash in the Spider-Man T-Shirt at the end. I hope they develop that further in the second film, though obviously only slightly. I just can't see how they could involve an interesting character like Flash set-up in the first film without doing it how they did. You have to immediately dislike him, have Peter get one over on him, but then see a bit of a change all in one film.
Generally I think ASM did Peter rather well.