Finally saw this today. It's pretty bad, but--probably much like "The Lone Ranger"--not as bad as they're making it out to be. It is what is is: a 90-minute "Men In Black" ripoff with less-polished effects. I didn't mind it because a) I like Ryan Reynolds, Jeff Bridges, Kevin Bacon, and Mary-Louise Parker (who looks good for 48); b) it takes place in Boston; and c) the relatively-unknown French chick playing Reynolds's wife first appears wearing a nightshirt and panties.
If you have a cheap matinee house around and have nothing better to do on a weekday early afternoon, it probably beats roaming the mall.