Was it perfect? Hell no. They needed to dump the Hector Hammond/Tim Robbins as Bill Clinton/skinny Amanda Waller plot in its entirety, cast someone who could act as Carol and beef up Sinestro's story to explain the inevitable heel turn.
However, it had some great action sequences, the special effects worked really well overall and there was something really fun about seeing Hal recite the oath and later conjure up the inevitable giant glowing boxing glove.
It really doesn't deserve the bad buzz, especially compared to some other genre movies that are hits.