I've read a few versions of this classic rhyme and like this adapatation the best.
First, I like it because the spider is prominent in the storyline and never becomes overwhelmed by other elements. I know this may sound hard to believe, but in another version I picked up, the illustrator was so enamoured with the other animals that the spider was pretty much a second thought. Also, in other versions, they make the spider too small. I know some folks may not like spiders and think the smaller the better, but hey, he's the star of the story!
But the thing that most sets this version off from the rest is its inclusion of additional verses. This version goes on to tell you what happens after the water spout. The extra verses all work together and make the storyline complete. So, if you are like me and find yourself singing this song a lot, you will appreciate the new verses to shake up your routine.
Finally, I appreciate the quality of the illustrations. Nothing too radical, just a cute little spider and lots of colorful and cheerful surroundings. The illustrator doesn't get too cutesy like they sometimes do, and the illustrations fit with my preconceived ideas about what the things in this rhyme "should" look like.