Like all the other ones, the plot is stupid and the dialog is laughable. But as far as aesthetics and cinematic value go, each Twilight film does better than the last, and this was no exception.
I've never read the books, but the people who I went with to see it, as well as people I overheard while walking out, all were basically saying "what the hell are they going to make a whole other two hour movie about?" as apparently there's not much left to happen aside of verbal build up to a battle that ends up not happening.
I think it's safe to say doing two films off the last book in this case was pretty unnecessary. They just wanted to copy Harry Potter.