Actually, I quite enjoyed it. Quite a bit more than I expected too but then again, my expectations were rock bottom! Arnie's definitely looking craggy but not as bad as I'd feared.
The story is fundamentally more of the same. Two Terminators back from the future, protect John Connor yadda yadda yadda. There's precious little setup this time round though, very little of the buildup the previous two films had of the parties homing in on their targets. I guess by now we're expected to know the score.
The action set-pieces are bigger and louder than ever and as a result, I felt, less effective than previously, especially the first film where everything was at a sufficiently low level that I could relate to it and hence be disturbed by it ie an unstoppable man who gets up and keeps coming no matter what as opposed to a whole fleet of police cars and trucks bearing down.
The ending (John and his future wife find they've been sent to a fallout bunker by her father not to destroy Skynet but to ensure they survive the holocaust that Skynet is triggering) was very dark but rather telegraphed a mile off. Maybe I've been a consultant too long and hung around too many shifty types but, from the moment General Brewster doesn't directly answer John's question about whether the bunker he's sending them to is the location of Skynet's core, I guessed what was going to happen.
Taken in isolation, I thought it was a pretty good no-brainer action movie but I have problems with it in the context of the overall trilogy. The ending represents a radical change in the philosophy of the films. The first two were all about "The future is not set. There is no fate but what we make for ourselves". This one was "Judgement Day is inevitable". If that's the case, is everything else also pre-ordained? ie John and Sarah Connor's survival, the outcome of the war etc which would make the first two installments seem rather pointless.
The nearest comparison I can draw is Aliens vs Alien 3. I was deeply irritated by the start of the latter - after all the effort Ripley went to to save Hicks and Newt, right at the start of the next film, they're dead. So what was the point?
Conclusion: solid fun but the first film still remains the best by a very long way, in my opinion. It also sits slightly uneasily with the previously two films