I just came back from seeing this and I thought I would offer up my opinions on it as well as see what you guys thought.
First off: The actual movie is complete shit. If you are going to see it on the basis of the action scenes, which is why everybody is going to see it, OK. Just be warned that about 1/2-2/3 way through the movie you can leave without missing anything awesome. I am just gonna cram my review of the movie into a huge spoiler tag. Be warned this is pretty much a rant with lots of ALL CAPS writing.
There is no fucking climatic battle scene. Which is the whole fucking point of a movie like this. Seriously fuck this movie so hard for this. The last battle scene involves one of the heroines sacrificing herself. You totally are expecting at least one or two battle scenes after this where the remaining characters fucking wreck havoc to avenge the other main characters death. Nope that doesn't happen. FUCK THAT. Word on the street is they had to cut ~20 minutes of content to get a PG13, but I seriously doubt they cut a whole fucking battle scene. Also, there is no character development whatsoever. I am dead serious, fucking arcade games have more character development than this. I actually kind of grudgingly respect the film for this. A lot of dumb action movies put up some BS character development just for the sake of it. But Suckerpunch dispenses with that entirely. Also there is a horrible double twist ending that is one of the most unsatisfying things I have ever seen. It sucks so hard. There is actually a scene where a character utters, "Tell my mom...I...love her." as she dies. And then there is a scene that is pretty much an exact ripoff of "Go Home Shilo". The acting all around is so bad it is comical. Also there is not a satisfying plot conclusion, the one main villain doesn't get any come upence at all and the other (who is the worst actor in the entire fucking thing) is killed in the blink of an eye. Don't get me wrong the battle scenes are awesome, and halfway through the movie I actually thought to myself "They totally made the most out of a movie with the premise of hot chicks running around killing things with swords and guns." The problem is the last 1/2-1/3 entirely dispenses with that premise, WHICH IS WHAT THE ENTIRE MOVIE IS BASED UPON. It goes from being some super happy "OH YEAH WE ARE SLAYING THINGS AND GOING TO ESCAPE! OH YEAH WE ARE HAPPY. FUCK YEAH." to some super shitty semi serious abortion of a movie. Let me briefly reiterate, THERE IS NO CHARACTER DEVELOPMENT AT ALL. A lot of people are going to say you should see it for the visual FX/dumb action/hot chicks factor. And I won't say they are wrong. The first half of the movie is pretty solid based off those criteria, I enjoyed it. The second half is so sickeningly bad that it is kind of hilarious. There is a part in the movie where the overacting gets so hilariously bad (Mayor Scene/dude chucks a tank of propane and dynamite out of a plane) that you can't wait to see if it can get more awesomely bad. But shortly thereafter they kill all the fucking momentum that it had and fill the entire end of the movie with pure BS. I'm going to mention it again. THERE IS NO FUCKING CHARACTER DEVELOPMENT. The actual concept of the plot is kind of cool, but the characters all suck. The ending is this absurd, "You have power in your mind, but you know that stuff you thought was real where you were using your mind powers, oh yeah, that was fake to and this is the real stuff." double twist that is completely unsatisfying. This piece of shit is being touted as "Alice in Wonderland with Guns" nope its more like they took the corpse of Lewis Carrol, left it in the woods for several weeks for woodland animals to eat and shit on and then lobotomized it. The only connection to Alice in Wonderland is that the song "White Rabbit" is in the movie. Also, retarded college kids (the group who I say this movie with) will think the soundtrack is awesome, but it actually sucks. In conclusion, everything about the movie but the battle scenes suck. Whoever directed this piece of shit completely shit the bed by not having one or two more climatic battle scenes. The trailer and all the promotional materials shove the "THERE ARE 5 THINGS YOU MUST FIND" aspect of the film. Most reasonable people would extrapolate that to 5 KICK ASS BATTLE SCENES. Nope, there are only three major battle scenes and the last one isn't even climatic. FUCK THAT.
If you feel like shelling out to see 4 cool battle scenes (2 of which are really cool and 2 of which are only pretty cool) go for it. Its gotten almost universally poor reviews for everything else though. I liked the first half though, and I would have been happy if they had kept that same kind of vibe for the second half. I feel like the ending tried to be too highbrow in an annoying V for Vendetta comic book nerd way.
The acting isn't really that bad by american action movie standards, except for the guy who plays Blue, he is so horrible that it is hilarious.