The production values are extraordinary. It looks and sounds incredible. Cruise is phenomenal.
I think the downside is like many have said; the performances are uniformly at volume 11, pretty much across the board. I thought Goodman came off worst with that. Cruise has more than enough time alone within the story that there's more there than just bluster from him. And at times the screenplay is hitting you over the head with similar points repeatedly. But while it's far from perfection, it a fascinating sit.
For me, I am a sucker for films that play with story structure. That delve deeply into the nature of the narrative. This is definitely that. And it poses some very interesting questions to the audience about narrative structure. How it plays such a vital role in how a story is told. Innaritu shows this time and again here, mostly to very interesting effect.
This did not deserve anything close to the level of vitriol thrown at it this week. What's done is done, the film is not going to financially recover. So go check it out in a theater. It's worth seeing on a big screen, it's amazing on a big screen.
Also: I think it would be really, really interesting if Cruise happened to score a nomination for this. For a film this maligned by everyone, if he could somehow score a nomination, i think that would be a whole lot of fun for Oscar fans during the winter campaign. I felt he deserved it; at the very least he deserves to be way, WAY deep in the conversation. He's really special in this. He poured everything into this damn thing; it really shows. Great job by him.