This is the very definition of a typical Bruckheimer production: formulaic and predictable plot, jaw-dropping visuals, and witty humour. This particular film succeeds particularly well at the humour and dialogue aspects, relatively speaking, but falls prey more than usual to the "formulaic plot" problem. You've seen this story a thousand times, from every possible angle, and setting it in a world where Sorcerers hurl fireballs at each other doesn't really make it any more exciting intellectually. Most of the appeal of the movie thus becomes its constant barrage of wild effects shots, though Cage and whatshisname do a good job with the script they're working with. As a whole, though, this is a Hollywood popcorn action movie through and through, which will inevitably earn a bajillion dollars at the box office.
In a sentence:
Chock full of fantastic visual effects and well acted by the two leads, but the story is ridiculously overplayed and there is no trace of originality in the script.