I am of two minds about this movie. As a Bond fan, I'm a bit sad to see the end (at least for the time being) of the light-hearted, gonzo Bond film. I will miss the irrational plots, insane special effects and needless T & A. I also miss the many Bond trademarks that we've come to know and love. As a movie fan, though, I'm pretty impressed.
The Good
In virtually every way we traditionally judge films this movie is superior to all of its immediate predecessors. It has a better plot, dialog, acting, direction etc. than any move in the Pierce Broslin phase (with the possible exception of Goldeneye.)
This is a restart for the Bond franchise, bringing it straight back to its pre-Connery roots. The setting is dark, and sometimes un-glamorous. The action is not stylized and feels realer than it has in recent Bonds. (Not a high standard) The characters are less cartoonish and fully capable of losing or dieing. The general attitude is tenser and more emotionally intense.
Craig does not look right as Bond, and I don't think he ever quite will, but in the face of his superb acting, I don't really care! He portrays a complex Bond that all of his predecessors have hinted at but never really been able to communicate. For the first time since Connery, Bond is a believable character, not a swinger pseudo-superhero. His portrayal has been compared to Connery's, but I think that it would be more accurate to say that he is close to what Timothy Dalton wanted to do with Bond but was never able to. It's shocking how good this guy is!
The supporting players are fairly decent. The central villain is not as compelling as other Bond foes, but serve the role decently. Judi Dench delivers her best performance as M. Eva Green does a respectable job at playing one of the few believable female characters in the Bond saga... though her dialog isn't the best at times.
The Bad
The makers of this film are a little too proud of their audacity in remaking Bond. They are constantly pointing out that their 007 is different than others. While this is probably necessary to some degree, they take it way too far in this film. Best example is when we first see Bond driving a car, a Ford sedan. Focusing on the Ford emblem they bash the viewers over the head with the fact that Bond isn't driving something fancy. This sort of thing occurs quite often in the film lending it a heavy handed feeling at times. It even mucks up a few very nice dramatic scenes which feel forced because they are trying so hard to point out that Bond is different.
I don't mind long films but this movie could have used a bit of editing as several of the sequences stretch far beyond what feels natural. Some of the fight sequences drag on too long, exhausting their visual concepts and generally becoming boring. Similarly, at times they are so concerned with making Bond appear "real" that the film bogs down.
Another problem is that this Bond is not nearly as distinctive from other spy movies as its predecessors. At one point early on I thought they might consider calling this movie the "Bond Identity" because it often feels like other serious spy/action films. While this is a side effect of it being a better movie, I wonder if something is lost by turning its back on part of what made a Bond movie a Bond movie.
Finally, the item promotions were totally out of hand. Though they have been present since the beginning of the series (why do you think it is a VODKA martini?) they felt ever present here. Maybe it is just a sign of the times that every surface has advertising on it, but I found it quite annoying. Sony was the worst offender by far... lets just say that if Sony made torture devices or handguns or tuxedos you can be sure that they would have been in the movie with giant SONY logos on them. Disgusting and one of the few cases where it actually hurts a movie.
The Upshot
If you are a fan of Bond, or of this genre in general, see this movie. It is good. Very good. But if you are a Bond fan, expect to squirm a little as you see a part of you childhood be radically altered.
Edit: Forgot to mention one thing, there is a free running sequence in this film (with a villain who, IIRC, is played by a fairly famous free runner) which is absolutely amazing! My girlfriend thought it seemed unrealistic until I explained to her that people really do do that sort of thing.