Gave it an above average.
Story was fine for what it was. Acting was fine and for most of the film it looked good.
There were some noticeably average CGI, the ones that spring to mind are the polar bear and the CGI effect on Destro at the end. The accelerator suits looked good for most of it, at some points they stuck out in an odd way. Give it Transformers 2's budget and
I have to say I felt the chase scene through Paris went too long without enough variety, you could have shaved a few minutes off and it would have been tighter and probably more enjoyable.
Given the flashbacks of Duke/Baroness and Snake Eyes/Storm Shadow during the movie I did find myself wanting to see some of the other Joes and Cobra's but storywise in the end I can see that other then making it a bit longer they wouldn't serve much purpose for the most part.
I liked the characters, with one exception: the Baroness. She looked good and the acting was fine it was just what happened with her character towards the end. It seemed what they did was just so they could have love interests for both the two main Joes. From what I remember it was usually Scarlett and Duke, but I didn't mind the Ripcord/Scarlett love interest.
Rex to Cobra Commanded seemed a bit too vague as well. It just seem to be, "You thought I was dead, but I was and now I'm back and I'm evil! Why? Because that's what you do when you come back from the dead!"
That all said, I would look forward to a sequel.