Pretty much every hyped up blockbuster is over rated these days because critics aren't as harsh as they used to be, and peoples standards in general have dropped.
MI4 was a fun movie, the main locations had great infiltration sequences, especially the Kremlin and Dubai tower. And some set pieces were more exotic than ever (mumbai party and sandstorm). But I thought the action, story and the overall level of threat in the movie was very forgettable.
As you mentioned above, a more ripped the ever Tom Cruise vs an old guy and his briefcase was just hopeless, especially when you have guys like Sly at 65 still kicking ass. Hardly any peril (tense mements), no good shootouts.
Good movie, but noway does it deserve 93% on RT. MII and III are better.
