I enjoyed it a lot. It's far from perfect or a great movie in anyway, but I think John Chu and the writers did the original comic and cartoon justice. Plus they had to play clean up to the mess that was the first movie. I would have liked to see Scarlett and general Hawk return. Plus it would have been good to see more Cobra villains like Major Bludd.
Snake Eyes and Storm Shadow definitely stole the movie. I don't have issues with Channing Tatum this time around. It seems like he is loosening up as an actor. The scenes with him and The Rock were good. (the video game and gun range stuff). I thought Cobra Commander was perfect, we just needed more of him and Stevenson's Firefly was great. I even liked the redneck accent. Flint was very dry. I wish they would have had him in his beret at least. Lady Jay was ok, but they needed to explorer her character a bit more. I went in with low expectations and generally enjoyed myself.
I grew up reading the Marvel series, watching the cartoon and playing with the toys. I was obsessed with GI Joe and it was for me a great feeling seeing my childhood represented very well in the movie. It had the "realism" of the comics and the outlandish story of the cartoon and the imagination of the toys.
I'm looking forward to the third one and where they take us. I'm hoping for Serpentor.
I'm done here.