I was shocked at how little I enjoyed this. I guess I have to chalk it up to falling victim to my own hype, considering I have been excited about this film for over a year now. Ever since I heard Brad Bird was directing, and then again when I saw the footage of Cruise performing the stunts in Dubai. But -- outside of the fantastic sequences in Dubai -- this film fell completely flat, imo.
The plot was a mess, and worse it connected no real urgency to me as a viewer. So each time they were in a hurry to get something impossible done... I just didnt care (again, outside of Dubai). The performances were rather standard. Paula Patton was hot, but lacked any charisma. Renner was great, but not exceptional. Pegg was Pegg, and I at least appreciated that. Nyquist was horribly underused, so much so that you could be forgiven for forgetting that he was even in this film. The action sequences were rather boring, too (again, outside of Dubai). Though the final action set piece was pretty cool I guess. The intro sucked, the ending sucked... basically pretty much anything that wasn't in Dubai could've been left out of the film and I would've enjoyed it just as much. One huge exception to my negative experience was the awesome gadgetry on display in the film. The "virtual hallway" in particular was outstanding.
YMMV, obviously, but this movie paled in comparison the fantastic first and third films. Brad Bird's talents are undeniable, but I think he might need another film or two to make the full transition to live action. If you read his /Film interview I posted earlier, you'll see that even he admitted to feeling similarly. Regardless, it's certainly a better film than most popcorn action flicks, but I was definitely expecting more.