One thing that bothers me about these kinds of movies is the way that you can never give the actor any credit for being so badass; there is usually (with exception of a few actors) a stuntman who creates what people watch action movies for: the action. I really appreciated this movie because Cruise actually IS that badass. Most of his stunts are actually done himself. Being able to both watch him fight, jump, and free-fall AND see his face at the same time was somewhat special. I really enjoy the little things.
The rest of the actors did an admirable job as well. Pegg assumed his usually goofy character, and as tiring as he was, it was funny. Renner was definitely a great asset to the cast; he also knows his action. As long as you can tolerate a minimal amount of cheesy dialogue (most of which is provided by Pegg) you will enjoy it.
Another recommendation would be to see this one in IMAX if you get the chance. The sound effects in this one are fantastic, and can only be appreciated to the fullest in such an environment. Plus, they will most likely show the prologue for "The Dark Knight Rises". Not to take anything away from "Ghost Protocol," but that prologue was the highlight of my night.
In a nutshell, Tom Cruise delivered, and it was much better than expected. If you're an action-lover, you won't want to miss this one.