Fantastic for newcomers, but for a longtime fan like myself (and more into TNG, to be honest) there are a few plot points which serve to annoy or even offend outright, but altogether this is one helluva film, and worth at least one repeat viewing.
We all know JJ Abrams loves alternate realities, crazy CG monsters, shaky cameras, and lens flares, and there are plenty of each in this film. The trailers weren't just being smug when they said "this isn't your father's Star Trek"--it really isn't. Abrams is offering an origin story that doesn't just explain how each character came to exist, but actually provides an ingenious opportunity to re-define them.