As many have already written, this "Hulk" is leaps and bounds ahead of the previous version. I believe this attempt will satisfy the comic-book fans, those that like a good story, action fans, visual/cinematography enthusiasts, and so on.
Writing and direction are better; the story does not stray from the comic book story like the previous one - no Nick Nolte as a grizzled father-figure. The momentum was definitely built up to a peak at the end. It was a lot easier to empathize with Bruce Banner due to the emotional scenes and the heart-pounding-hope-he-gets-away scenes. There was also a sprinkling of almost Favreau-style humor in the appropriate places.
Acting is better; Edward Norton is just more believable as Bruce Banner than Eric Bana. I also enjoyed William Hurt as a bad guy (just like I enjoyed the Big Lebowski as one in Iron Man.) A tip of the hat to Tim Roth also. I look forward to seeing the character development of the supporting cast. Before I saw this film I looked up a couple spoiler sites for back-story info. Hard-core comic book fans might recognize the civilian versions of Doc Samson and the Leader.
CGI is better; it feels more like the well-choreographed, well-balanced animation of Iron Man.
I enjoyed this movie, would recommend it to friends, and would see it again. Momentum is building to the Avengers movie!
The story, the acting, the effects - all excellent. A great directorial showing for Jon Favreau. I could definitely identify his style in the pace of the movie and the humor. I've seen the movie a couple times so far, have recommended it to everyone I know, and look forward to seeing it again!