Easily the best movie JJ Abrams has ever made. It created the template for what every subsequent Mission: Impossible movie is.
JJ Abrams’ strength is casting and then letting those leads carry their scenes. This movie works because of the two amazing lead performances, especially Philip Seymour Hoffman in what was casting against the villain type at the time. They are supported by a phenomenal secondary cast as well.
I think in some ways, Mission: Impossible III helped us figure out what a modern, post-Matrix action movie blockbuster would be.