I finally got around to seeing this earlier (well, yesterday, now). I thought it was a decent, by-the-numbers origin story. It wasn't awful, but it wasn't all that remarkable, either. The theater I went to was only showing it in 3D, but I thought this movie used it fairly well, particularly on Oa.
Ryan Reynolds was enjoyable, though I still think he would have made a better Wally West. Still, Hal Jordan is not an especially deep or complex character, and Reynolds did a good job of adding some layers to him. I also thought Blake Lively did well as Carol Ferris, and Mark Strong's Sinestro was also pretty good.
My only gripe with Sinestro is that his motivation for taking the yellow power ring at the end felt pretty flimsy, since the threat had been defeated and no real schism between him and the Guardians had ever developed. I would have liked his storyline better if the Guardians had refused to give him the ring, and then he took it by force after deciding he was the only one willing to do whatever it took to stop Parallax. And then during the final battle he fails, and Hal Jordan proves that he's the better man by destroying Parallax--which just enrages Sinestro further, given his contempt for Jordan.
I also would have liked to see Hal spend more time on Oa, befriending Tomar-Re and earning Kilowog's grudging respect. I say that because I thought it would have been nice to see them, and only them, go with Hal to try and save Earth. But of course both would have to be incapacitated during the battle, leaving Hal to stop Parallax on his own.
The movie gets bonus points for calling out that ridiculous mask, though.
I can accept the conceit in comic books, but in movies they're pretty ridiculous.
Final grade: B-