I've never actually read this, but from what I hear it's supposed to be like a Michael Bay movie with the Marvel characters. Now if he uses that to a subversive effect i can see how that would be intresting but if it's basically a big dumb action movie, what's the point ? I guess i'll have to see for myself one day.
Ultimates 1 and 2 is some of the best writing he has done for Marvel if not the best, and its not just a dumb action movie, its a very well written comic.