I'm guessing you haven't read everything Johns has written either.
With that being said, I gotta admit that the story sounds intriguing and I might pick up the trade when it's all said and done.
At the same, however, just because a story is entertaining doesn't mean someone can't legitimately accuse it of having a certain level of "fanwank" in it. As someone else pointed out on another thread recently, most modern superhero comics have a certain level of wankery.
Given that, I think its well within the realm of possibility that Millar's SpiderBuggy reference, no matter how entertaining it may or may not be, is in fact "fanwank."
Finally, and as an aside, I think that some people tend to overuse the term "fanwank" as shorthand for "any story I don't like that involves continuity". It's becoming almost as overused as "jump the shark".
