I've been meaning to watch it again. I really don't remember much of anything about it so I might really like it (I know that I thought it was at least okay the first time).
I like all of the Mission Impossible films. I think it's an incredibly solid franchise, and it's awesome how they each follow a single director's vision. More franchises should do that.
I would rank them (for the ones I can remember) 2>5>4>1. 5 is a better movie than 2 but those action sequences in 2, man... hard to top.