So, is it as bad as a lot of people made it out to be? Not really, but it's not particularly good either; it's a chronically mediocre experience. Still, I can see the reasons why hardcore Indy fans hated this film. While the originals were ridiculous-yet-fun, this film is ridiculous-and-stupid. Pretty much everything you've already heard critiqued by others is what you'll hear me complain about. The fridge (I can accept him possibly surviving the blast, but not the flying through the air and repeatedly slamming into the ground). The ants (kind of cool until the start climbing on top of each other to get to Cate Blanchett). The monkeys (yeah... sigh). The aliens (and what the heck is going on with Cate Blanchett and the alien at the end?).
But the film does have some good stuff. The chase through the jungle was pretty sweet; I especially enjoyed Shia LeBouf and Blanchett's sword fight on moving cars. The film also has a great look to it; the cinematography does an excellent job of creating the feeling of being in the 1950s. Blanchett is a sexy and sinister villain (though the rest of her Russian posse aren't nearly as interesting). And the series of events leading up to nuking the fridge are well-staged too.
But overall the movie just doesn't connect. I didn't care about any of the characters or about what happened to them. In the end, it just felt like kind of a silly, forgettable experience.
I give "Indiana Jones and the Kingdom of the Crystal Skull" a 2 out of 5.