I really liked that they at least acknowledged that Eve is a different actress (and character) in her opening scene. The Rachel Weiss version is just the one from her novels, which I'm okay with.
The movie on the whole, however, was incredibly lackluster. Lots and lots of action sequences, but not a whole lot else. The best thing about the first two Mummy films was the relationship between Rick and Eve, but in this movie, while touched on, it took a back seat to the very under-developed villain. At least in the first 2 movies they were able to form some kind of visible, personal relationship between themselves and Imotep. In this, they treat Jet-Li like "just another Mummy."
Eh, I give it a C. It wasn't awful. It probably would have been fine if were a standalone, but I think it pales compared to the first two.