I loved Borat so much that I actually own the DVD. With Bruno, Cohen has actually surpassed it, taking his well deserved spot as the world's ultimate "troll." I think a lot of people won't get this movie: it's not about some guy doing crazy stuff, it's about a guy doing crazy stuff in front of people and gauging how they react. Borat played off the casual racism of Americans in big cities, Bruno plays off the casual homophobia of the American midwest, and both are great eye openers.
Remember, the real joke is that no matter how ridiculous Cohen's characters are, all the people he gets on camera honestly believes he's for real.
Oh, and FYI: Lots of male nudity in this movie. If you can't handle it, don't go.
I had three beefs with this movie: 1. It was predictable. I had the plot figured out by about 30 minutes into the movie. 2. Too much CGI. I don't know why Spielberg and Lucas are so obsessed with CGI. It doesn't need to be used for every special effect! The old Indiana Jones movies looked much more believable than this one, and that's a problem. Your skills should improve over twenty years, not get worse. 3. They reveal too much. Part of what made the ending to the first one so cool was that you never really get to see what the treasure is. Mysteries are a million times more intriguing when they go unrevealed, but in this one they show a bit too much. None of these things stopped it from being a thoroughly entertaining movie, though, and everyone I went to see it with (we were in a huge group) loved it. It also had a very nice plot element that set it apart from the other movies, but I won't spoil it here.