I thought it was great. It was kind of slow getting started, had some cheesy dialog, and had great special effects. The only real problem I had with the special effects are that every film that has come out in the last three years has tried to use "matrix style" special effects, so when they show up in Reloaded, they're not as cool as they were the first time. That said, the freeway scene was great. The blatant cliffhanger is kind of annoying, but at least they're brining the next one out in six months, so it's not like the drawn out every year-or-three that LOTR and star wars have going.
Matthew