As a casual observer of the Twilight craziness (and someone who has read all the books, but only seen the 1st movie once) I would say that as a movie this was not the greatest movie I have ever seen.
Besides the actor who plays Jacob without his shirt, which was GREAT:), the rest of the actors were a little B-list. Bella and Edward seemed to have only about 2 facial features. The rest of the Cullens weren't much better: Esme, for example, looked perpetually confused.
But my biggest complaint was with all the strange and overused close ups. I spent most of the movie distracted by the camera being so close that I could count the actor's pores. It was strange, and annoying after awhile.
If you like the Twilght saga, then you will, I'm sure, think this is the most amazing movie ever made. If you are someone who actually enjoys good cinema, wait until it gets to the cheap theater.