CW: nothing much
Movie two is just a sequel. Get to three and you've got a franchise.
J J Abrams is on board and it's slicker than a greased up Boris Johnson. They zip from one heist or massive fight to the next with paper thin justification. It's one big rolling Maguffin hunt and they don't even pretend the Maguffin matters because they don't ever explain what it is. At some point Hunt's wife becomes the Maguffin, but that's not a spoiler as it starts in media res with her tied to a chair being menaced by villain of the week Philip Seymour Hoffman.
The heists and action scenes are great but where the first two seemed to add some life to the supporting characters they're mere props for Cruise in this. Who was the guy flying the helicopter? Who knows? Why was Maggie Q there? To look amazing slinking out of a Lamborghini it seems. Hunt's wife seems only to exist to be the most stereotypical unaware normie wife who later gets tied to a chair.
I had in my mind I thought this was a low point because it was all face tearing mask impersonation nonsense but I misremembered and that must have been the last instalment which had a fair bit in and didn't bother me so much this time. This only uses it once and to good effect.
It's definitely a low point though. It's slick as hell but vacuous 5/10 and losing its way. I seem to remember they've worked this out in the next one and make more of an ensemble piece again. With actual characters.