Really Bad. If you read the books, do yourself a favor and don't put yourself through the agony of sitting through this travesty. The story line (which skips about 70% of the original story line) wanders miles from the novel. Except for Rachel Weisz's great voice over work for the dragon (which is the best acting this film has) the acting from the rest of the actors is just above high school play level. What were Jeremy and John thinking in taking these roles? The special effects are decent but that's it and the sets are cheesy Save your cash and wait for the third novel.
Let's hope they will not be a sequel.