I have seen the film 2 times so far, once as a double feature with the the first movie, then in 3D IMAX last night. I liked the film. I thought the first half worked better than the last half. While it was cool to see Old Spock, they could have done without it. It just serves to ramp up how dangerous Khan is if you couldn't already tell. Reversing the TWOK engine room scene was a risk. I thought it actually worked pretty well given the story they were telling, although it felt more like Kirk saving the Enterprise in Generations, then Spock saving the Enterprise in Wrath of Khan. The use of the famous "Khan" line was a risk, it could have played as a joke line since that what is has become in pop culture. I thought it worked in the scene, but it could have gone the other way.
I really enjoyed the Pike / Kirk / Spock scenes in the beginning of the film. Also with Pike's death, Kirk's reaction was like his reaction in Obsession when they encountered the same creature that attacked the USS Farragut, and killed another Captain who Kirk looked up to and Kirk was determined not to make the same mistake this time around.
The Budweiser engineering didn't bother me as much this time around.
I'm looking forward to Star Trek 3, for the next story I hope they decide to explore new territory and not re-work an old mission into a story. If they want to make an old episode the pre-title opening that would be a cool callback but the story itself needs to be a new adventure.
One question, where was shuttle bay 2??? Looks like the ship left from the side of the secondary hull??