Not great but Part Two should be. I am such a huge fan of this franchise, my voicemail greeting has been based off the M:I intro with the theme music for well over a decade. "M:I Dead Reckoning: Part One" had its moments but I've never been a fan of huge leaps. The biggest, by far, is Ethan Hunt's life, pre-IMF - the only way the villain, Gabriel, comes into existence. Who was Marie to Ethan anyway? The only mention of Hunt's life pre-IMF has been Margaret Hunt and Donald Hunt, who Kittridge used as pawns in the original movie. I can't say I am a fan of a new villain who Ethan apparently knew before joining the IMF. A new villain known to no one would have been better because we have no background on Marie, who Gabriel killed though Ethan was charged with the murder. Ethan had to choose between going to prison for Marie's murder or joining the IMF. I really didn't care that we had no background on Ethan and his team members in the original movie. It's especially sad that ILSA Faust is lost only because of Gabriel. The ILSA from "Rogue Nation" and "Fallout" could have easily taken Gabriel. Ethan Hunt, on top of killing the AI entity, will seek to avenge the deaths of Marie and ILSA by killing Gabriel in the next film.
I wasn't sure what to make of Grace's character but disguised as White Widow, she declined $100M USD from Kittridge, and it was epic. Grace and Ethan should make for an exciting "Part Two" next year. Finally, for a film over 2.5 hours in length, I expected more explanation of how the two keys were retrieved from the dead sailors yet nobody retrieved their sunken submarine, which houses the AI entity. Part Two will likely be a race to retrieve the submarine and the AI entity. I have a feeling Ethan will welcome another new member in Part Two otherwise he is the only frontline fighter on his team. I don't see Hayley Atwell/Grace, training to become a fighter after a many years of being a thief. It could be Paris, who still had a pulse at the end of Part One. If she survives, she should be loyal to the Americans for saving her life, especially after Ethan had spared her.