Just went and watched it tonight, I have to say for all the negative reviews it got early on I was very impressed. It was a good action flick, better in a lot of ways than Transformers 2. Though it did have it's low points in the film I liked it overall.

Without ruining it, does it really have anything to do with the toys and their storyline? It seemed like they were all wearing super suits flying all over Paris in the trailers, hardly the American heroes in their jeeps I remember.

There are definitely some things about the story lines that have been tweaked. (I.E. they're international not just American etc etc) However it was definitely G.I. Joe with the cool vehicles, secret bases etc etc. It felt a lot like watching the old cartoon. I was very concerned walking in that it would ruin my childhood memories (Episode I of Star Wars) But I liked the storyline and I think it was a decent adaptation. I mean after all staying exactly 100% to story doesn't always work anyways; Watchmen for example, was a good comic, but a shitty movie.

The movie was ok, a little too much on the CGI side and tweaking / twisting the story line, but ok.... But three things I think the movie could of done without were:
Showing Stormshadow's face
The Hyper Suits and chase sceen
Marlon Wayane

The guy that plays Storm Shadow is the man. Check out A Bitter Sweet Life.

Go in knowing this movie does not take itself serious. It is not suppose to be a modern day military movie. It's a live action HAsbro produced action movie

I went in with the attitude it would be silly, and the mindset to enjoy it like the over the top cartoon it used to be. Over all I really enjoyed it because of this. My only complaint was... The way they handled the Baroness. Horrible.

I walked in with the mindset that I shouldn't worry too much about the plot. That said, I was surprised at how much fun I had with the movie, even the Wayans brother did an okay job, though I despise both of them. The only people who I wasn't really sure about as far as casting went was whoever played Duke, and the chick with the glasses. Otherwise, great acting all around.

Dennis Quaid severely overacted. It was annoying.

All in all it was a fun little flick but I agree with what Timberelf said