The premise: get ten big guys on screen, give them mutant powers and have them fight for two hours. At first glance, this premise is genius. However, it is only after watching the movie that you realize the flaw; it is near impossible to create 15 fight sequences that are all well done. The movie spends each fight trying to out-do the last and then starts to fall into the realm of 'stupid' about 3/4 the way through as fights become almost silly. But on the positive, Jackman is great, many of the fights are still very cool, and the story is legitimately interesting. In summary, see it. It’s entertaining enough.
As entertainment goes, this is it. Great special effects, well crafted action sequences, and explosions aplenty (everything explodes). These movies have thier place in everyone's collection. But if you're looking for an amazing plot with clever references to the past Terminators and deep exploration of human nature, you will not find it here. The plot for this film is kin to such plots as Matrix Reloaded; find the key maker and fight everything in the way. Again, the movie is very entertaining, but with sizable plot holes in the little plot it has, it's not much more than a 'cool' movie.