Let's get the obvious problem out of the way first. Even in such an intentionally silly and over-the-top context, there's something deeply unsettling about the idea of a comic book revolving around innocent comic fans being brutally murdered by the poster child of the '90s anti-hero movement. It's entirely too easy in this current climate to picture someone dressing like Spawn and carrying out a mass shooting at a comic convention. Perhaps I'm being overly sensitive in this case, but that alone was enough to cast a shadow over this issue.
But let's accept that premise in the tongue-in-cheek way in which it was intended. This still doesn't seem like the best or most interesting angle to take. Half the fun of reading books like Punisher Kills the Marvel Universe is seeing that lone killer test their mettle against overwhelming odds and discovering how they triumph. How does Frank Castle kill unstoppable opponents like Wolverine or the Hulk? In this case, we don't actually get to see Spawn square off against other heroes, be they from Image, Marvel, DC or otherwise. There's plenty of gore, but no real conflict to speak of. Why not limit the focus to the Image Universe and focus on pitting Spawn against Invincible, Youngblood and Savage Dragon rather than random cosplayers?
As for the meta humor, there are plenty of jabs at the industry and the way Comic-Con has been swallowed up by the film and TV industries, but nothing that stands out as particularly clever or insightful. The same could be said for the jabs at Donald Drumpf or the random fart joke. Though, at least McFarlane is as willing to poke fun at himself as he is anyone or anything else.
Given the violent nature of this issue, at least McFarlane and Kirby opted for such an exaggerated, chibi-style take on his iconic creation. Kirby's take on Spawn is certainly amusing, what with the stubby arms and the rotund potbelly. Apart from the general art style, however, the storytelling does little to impress. Pages tend to be cluttered with small panels that fail to let the action breathe. Background details are sporadic, at best. But if nothing else, FCO Plascencia's colors give each page an attractive sheen.