I finally saw MI3... and everyone was right, it was badass. There were a couple freaking sweet lines of dialogue. Mostly Fishburne's. "You can look at me with those judgmental eyes all you want, but I bullshit you not: I will bleed on the American flag to make sure those stripes stay red." or "Don't interrupt me when I'm asking a rhetorical question."
I think I nearly had a heart attack several times when Ethan was flying through the air, shooting random bad guys, or hanging off ledges being shot at. During the final scene I was about hyperventilating, leaning forward in my chair and clutching the back of the seat in front of me. (Yeah... I get into movies. What can I say?) Bri came with me and she would scream and bury her face in my shoulder any time something intense happened. (So basically the whole movie.)
I think JJ Abrams should be applauded for reviving the series, especially after John Woo's crappy directing in MI2.

My one criticism is this: Apparently MI-3 did not have a large enough budget, because although they could afford a Ferrari, to shoot on location in the Vatican, and to clothe every extra in the party scene, they clearly ran out of cloth when they were sewing Maggie's evening gown. I'm not sure wearing half a dress goes over well in the Vatican... but that could just be me.