Don't get me wrong, it was overhyped all to hell. While it may have deserved the Academy Awards for special effects, that's all it should've been nominated for. When I say it was an actiony popcorn flick, I mean that in the same sense as all the other "turn your brain off and look at the pretty colours" kind of overbudgeted stuff like it.
Derivative as all hell, too. Not just in the Native American allegory vs. the American allegory. The technology used by the miliatary all looked like re-runs from other Cameron movies.
That said, it's still a fun, eye-popping ride. Overhyped, but harmless. I'd watch it again over Transformers anyday.