Buncha things:
1. The Clone Saga. It coulda been great, but Marvel fucked it up by having so many damn clones of Spidey, then revealing the real was the fake, then taking Pete's powers, Then bringing back Norman Osborne, then disappearing the Parker baby (was it stillborn or kidnapped at birth?) in such an unemotional matter.
2. Electric Supes. Just stupid stupid stupid all around, especially the ending with Superman getting his original powers back as a "reward" for his "sacrifice" to the Millenium Giants. WHAT??? STFU DC.
3. The 12 storyline. While not an absolute terror, not good either. The "Ages of the Apocolypse" followup sucked, and so did the "Search for Cyclops."
4. Frank Quitely leaving for New X-Men before his stint on The Authority was done. Couldn't you have waited just a little longer for Quitely, Marvel? Its not like he does any more then 4 or 5 issues a year anyway.
5. Namor #1.
6. Buying 2 copies of Namor #1.
and lastly...
7. Waiting 2 years for an issue of the regular Planetary series.