The problem with a series that runs to a certain formula is that it is bound to invite comparison. I think that it is not the best of the MIs. That honour goes to ghost protocol which is close to perfect. MI2 has much more of a romantic interest and employs many more silicone masks than the others. Possibly a few times too often. It is never clear why sticking a semiconductor on your neck changes your voice to match another person's voice. The motorbike chase is not well shot and feels unconvincing. Having said that the series ranks as one of the best in the genre of action / spy / adventure, none of them are poor.
In the hands of action director John Woo this belated sequel is a much more hi-octane shooting and chasing film and much of the espionage roots that the first film used are lost. The familiar use of masks (from the TV series and used in the first film) are key to the plot here but this is really Woo's attempt at getting as close to a James Bond film as he possibly can and there are many similarities to the Pierce Brosnan series. Somehow this is often cited as the least favourite in the MI franchise by many and I can see why. Woo's over stylised use of slow motion in the fight and action scenes is just too much and there is much too much gung-ho shoot 'em up stuff when Mission Impossible is supposed to be about covert espionage and surprise plot twists. Here Tom Cruise is still a covert agent working for the IMF branch of the CIA. He is given a mission to find a lethal virus that has been manufactured along with an antidote. It's to be found in Australia and a psycho former IMF agent Sean (Dougray Scott) is also after it. Cruise recruits Sean's former lover Nyah (Thandie Newton) to help and soon a very unprofessional relationship begins. So we have a romance chucked in for good measure. Ving Rhames returns as the computer wizard and Anthony Hopkins has a great cameo. As action thrillers go this is actually very entertaining and it's worth re-evaluating if you've not seen it in awhile. It's definitely not as good as other films in this series but equally it's not as bad as you might remember.