Alright, I just got back from seeing the movie.
My verdict: HOLY CRAP!!! SEE THIS MOVIE!!! IT'S EPIC!!!
Seriously, this movie was supremely badass! In fact I think it was even better than the first one. It was just one long train of awesomeness from the opening scene to the closing credits! If you liked the first film, you should really go to see this one. Now for some spoilers...
SPOILER ALERT!!! DON'T COMPLAIN IF YOU DECIDE TO READ FURTHER!!!
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You may have heard the rumors and some of you may have guessed this already, but as it turns out, the bad guy is indeed Khan Noonien Singh. Now, let me tell you about this guy. Benedict Cumberbatch delivers an awesome performance. He's somewhat different than Ricardo Montalban's, Khan, but still just as cold, ruthless, and badass as the original, if not more so. He's certainly the best Star Trek villain to come along since the Borg Queen, but of course, he's Khan so that was to be expected. Due to the alternate timeline, Khan was found a lot earlier than he was in the original series. While he engages in a fair share of villainy, he still has a few sympathetic moments. I'm not going to give away too many plot details, but I found Benedict Cumberbatch's Khan to be a very enjoyable villain. And I hope we see him again later. (hint hint)
The overall plot was pretty good. I liked the parallels between Starfleet ordering Khan's execution and the current controversy over using drones to kill American turncoats without a fair trial. (The audience was initially lead to believe that Cumberbatch's character was a rogue Starfleet officer.)
The Enterprise takes a massive beating, there is an epic twist near the end and a major character dies. I'm not gonna give away who it is though. You'll have to see for yourself.
Now, I do wish that they had given Khan more of a back story, and it would have been cool if the movie had played out more as a movie version of the Original Series episode "Space Seed", but it was still a great film. Overall, I found this to be an extremely fun and enjoyable film. It's one of the best movies I've seen in a while, and I wouldn't mind seeing it again.