The movie was extremely cheesy. While it had some moments, and it did ask some questions that the Buffy the Vampire Slayer series brought up momentarily early on in the show, it didn't address them properly and was still a load of crap.
So many of the lines were terrible. For example, when Jacob is sitting in the car with Bella and then he looks super melodramatic like he'll say something super important, and then he says "I feel like I'm going to disappear..." What? That's it? WTF? Not to mention the crappy ending and the confusing transition between when they're in Europe and when Bella wakes up from a dream.
And Edward, good God, Edward is SO melodramatic and depressing; why doesn't Bella just break up with him? Are teenage girls really this desperate? Because then I'd have a steady girlfriend ;-) Not to mention that Bella is stupid most of the time and I can't imagine what anybody would see in her apart from the fact that she's female and young and gets off on doing reckless things to fantasize about some lame-ass 109-year-old who's supposed to be all wise but that really doesn't come through (though I did like Edward's dad!).
What was both amusing and confusing was how it made fun of cheesy action movies (Face Punch!) yet the movie itself was cheesy. Was this Stephenie Meyer's doing? Or was this added to the screenplay as a kind of message saying "we're doing this for the money, not the art! Please don't have such low opinions of us! We're real actors and directors!"
Overall, I laughed a lot and made snarky comments during the film. Not only that, but it didn't annoy anyone because most of the people in my entourage were doing the same thing. I suppose you could call this a mix of Mormon propaganda and Stephenie Meyer's wet dreams. I enjoyed seeing it with a friend, and we may go see the next one just because it was somewhat amusing, but nothing more.