I liked the movie quite a lot, I thought it was a solid summer movie. This felt more like a "Raiders" movie than the last Indiana Jones. The China setting helped for a fresh spin and there was some nice adventure action here. As usual for the Mummy films there were a lot of FX slathered on but and for the most part they were top-notch and even at their dodgiest were still quite acceptable. When the two armies go at it, it is quite impressive and well-mounted.
The movie cutely acknowledges the replacement of Rachel Weisz and I liked that the new actress gave her own spin to the character rather than try to evoke the previous performance. I liked the grown Alex as well. Has Brendan Fraser always been this bad of an actor, I never really noticed how bad he is until recently but it's not enough to sink the movie. Be aware that the typical Brendan Fraser physical comedy moment in the beginning doesn't last through the whole movie thankfully. The movie seems to have a slight knowing metatextual quality to it that might bother some but it's also a bit of winking fun.
What would a Chinese epic be without Jet Li and Michelle Yeoh? Both acquit themselves with Jet Li checking his ego to take the villain role without hamming it up or drawing attention to the fact that he's *Jet Li*.
It might not be perfect but I think its flaws falls to the wayside in enjoying the movie as a whole. I think from the perspective of a summer popcorn movie it succeeds.