I gave it an "Excellent", but I'm coming from a different POV than most. As a movie alone, I'd say "Above Average" as an action movie with cool effects and funny moments. Sienna and Rachel were hot, and yay for a cool chick fight. Sienna really hammed it up a lot, as did Eccleson and Gordon-Levitt did a great job considering all he had to emote with was one eye! I agree with the above that Snake Eyes owned virtually every scene he appeared in. Sadly, Channing Tatum had all the charisma of a block of wood. Thank goodness Marlon was able to resist going over the top with his humor.
What struck me as fantastic is how well this movie is made to sell action figures. It's totally the movie made for the kids that take action figures, make forts out of mounds of dirt in their backyards and flip over vehicles to show they blew up. It was a high budget version of action figure commercials from the 80's with a cartoon story to match. In that respect it was spectacular. When they first introduced the suits everyone complained so much about my gf and I were laughing so hard because the whole "product placement" was so blatant. We were just messing with that figure in TRU a half hour before we saw the flick so it really added to the effect.
The set up for the sequel was really nicely done. The next movie practically writes itself. I hope it does well.