I thought it was pretty good. I know it was strictly for budget/contract/personel/storyline reasons, but it's refreshing to see other models of Terminators walking around too. It looks as though they're going to retcon T3, but I suppose anything can happen leading up to that storyline. I loved all the references to T2 and they might actually NOT mess up the clumsily handled time/age continuity. Color me impressed.
My only complaint is that Sarah Connor doesn't look 'tough' enough. Linda Hamilton in ,91 looked like she could snap her modern TV replacement in half.