I just watched it last night, and I wasn't dissapointed. Of course I was expecting it to be absolute @#$% intentionally, but that's another story. It wasn't awful or terrible or all those other bad adjectives, but it wasn't good either.
Spoilers below
My biggest problem is that in the Predator movies, the whole point is the character development as the human chars learn about the threat they face. That and the suspense of never seeing the damn thing until the very end. AVP just didn't bother with suspense and anybody watching already new all about the predator's lifestyle and stuff.
Ditto with the Aliens. Part of the brilliance of the first 2 movies (the latter two never happened) was the mystery. The director very carefully didn't show anything until he absolutely had to, and the movies were better for it. And for god's sake, the best part of the Alien movies is the military aspect. There needs to be grunts and sgts and bigass guns and future tech and all that.
Biggest problem with the movie is that it took place in present-day earth. Damn thing should have taken place in the Aliens storyline, which had a much deeper mythos and depth than the Predator storyline which was just South America and then LA. Bleh
Also (last one, I promise) the story didn't even adhere to itself. In addition to the idiotic archeological ramblings about Egyptians, Cambodians and Mexicans somehow being all derived from the same original race that lived on Antartica...(which was habitable a few hundred years ago, really!), they insisted that this Predator event happened every 100 years...so in 1904 it was a whaler's base. But what happened in 1804? or 1704? All of the cultures that they named kept written records or at least oral traditions. Somebody would have noticed something. I don't mind suspending my disbelief for some things, but if you're going to rationalize it, do it well.
Bottom line: Would have been @#$% angry if I had spent $9.50 on it. My score: 3/10. Couple of scenes were excellent (the pred ship flying overhead unnoticed, and the Pred giving the chick the alien head as a shield, but then were ruined by no follow-through. She didn't use the sheild. Not Once. ) but those scenes were more than offset by the idiot direction, too-fast character killoff, bland characters in the first place, and etc. It was almost a 5 until the last scene, too.