Just got back from seeing it. I voted above average, but it probably is more in between average and above average. My impression was essentially this: a fun, entertaining summer film that holds your interest throughout, but as a thought provoking or groundbreaking film it falls flat due to the silliness and shallowness of its internal logic.
No question the film is entertaining, with an attractive and engaging cast, an interesting premise, and taut direction. Leo tends to play the same character in all of his films but he really has that character down now. Tom Hardy also shines in a very different role from Nemesis. The film lacks a certain punch though. Except for a Matrix-like anti-gravity battle the film lacks a truly memorable action scene or really mind-blowing special effects.
The films main failing is in its often convoluted storytelling. One gets the feeling that much like a dream the film is making up its own rules as it goes along. It cheats a little by putting so much of its exposition upfront that by the time the action scenes role out we are trying to remember what was said a half hour ago and eventually just give up and concede to the movie its own logic and where it wants to take us. My girlfriend thought this film might have been heavily edited down from a longer version as certain scenes make little sense in the context of the movie and certain scenes are brought up and dropped without real explanation. And by the way what is it lately with Leo DiCaprio and films with crazy, suicidal wives. I am beginning to think the guy has issues.
Ironically my main complaint about the film is exactly the complaint I had about Leo's last film Shutter Island. The theme of the "dream world vs. reality" is another sci-fi concept that has become so overused by now that almost nothing interesting or fresh can be said about it anymore. The genre now has its own set of cliches that are repeated here as well. Watching films like this or Shutter Island can instantly hearken you back to half a dozen episodes of various Star Trek series like Frame of Mind, Hard Time, The Thaw, and Waking Moments. It will also inevitably be compared to the Matrix which had a much more original and interesting twist on the concept and this film kind of pales in comparison to it.
Also a spoiler about the final scene: