Just finished watching this. As you may know, I am a fairly vocal non-fan of Tom Cruise. Bearing that in mind, the following might surprise you. This film is actually pretty freaking decent.
After the overproduced and overhyped trainsmash that was MI3, the sequel slash reboot has a pleasantly gritty and down to earth feel to it. Yes, it is still a bit OTT at times, but nowhere near as bad as before. Tom Cruise is keeping his overpaid ego in check by integrating with the rest of the cast, among them Jeremy Renner (The Hurt Locker) and Simon Pegg. The plot has a few interesting twists and mostly steers clear of tired stereotypes.
It's by no means a masterpiece, but as a popcorn action flick it works well. If this marks the reboot to a series that became a bit tired, and if they plan on continuing in this vein, then I might actually keep an eye on the next one.