I know a lot of people may not have watched this, so I tried to limit any spoilers in my review to what's been revealed in trailers. If you have chosen to stay away even from trailers, you should stop reading right now.

THERE MAY BE SPOILERS

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The good
- The lead actors: in particular Tom Holland's energetic Spidey and Keaton's menacing presence, but also some heartfelt cameos by RDJ and Marisa Tomei
- The pace: the energy never let up but also didn't drag out its peak action moments for too long that it gives you fatigue
- The scope: while not quite as miniscule-scaled as Ant-Man, it certainly befits Spidey's title of "your friendly neighbourhood superhero". No aliens, no otherworldly beings, no Infinity Stones, not even an international diplomatic crisis. Just a bit of brick work off the Washington monument (oi) and a climax that is more or less confined to an unidentifiable abandoned...beach?
- Tony Stark: for once he's the highlight for playing the straight guy. The few scenes he share with Spidey have a nice dynamic that brings out a whole new facet to Tony's character
- The humour: it gets the tone just right between witty, awkward and self-effacing

The bad
- The sum is less than its parts
-- I can't remember a single iconic heroic moment in this movie - e.g. Wonder Woman climbing out of the trenches to gunfire, or Stephen Strange using the Eye of Agamotto to reverse the damage to Hong Kong. The Staten Island ferry scene was hardly the climax it seemed in the trailers.
-- The character arc for Peter is vague and muddled, and I can't confidently say that he's learned any significant lessons by its conclusion
-- It's missing the core value of its 2 previous incarnations "with great power comes great responsibility" by avoiding Uncle Ben too much. In fact, previous MCU stories have always been good with its key messages that is conveyed through their character growths (e.g. Thor and humility, Iron Man and empathy, Cap and remaining true to ideals), but lately, in particular in Dr Strange and Ant Man and certainly here, these "life lessons" haven't come through
- Some really weak plot devices: come on Tony, surely you don't write your code to be cracked within seconds by a high school sophomore
- Karen: ARGH I'm so sick of chirpy intrusive AI's that sound like too much like real people (i.e. have emotions). The only AI that deserves to have lines in MCU is JARVIS.

The usual Marvel weaknesses
- A paper thin villain - that's thankfully saved by Keaton's very scary air. Some father-child moments could have really elevated this character
- The utter lack of stakes and ramifications
- Lots of seemingly important side characters not doing much at all
- The lack of emotional continuity
- Lack of character/emotional building: again, Spidey is one of those universes where family could have been a big emotional anchor and there's plenty of missed opportunities with Peter but also with several of the side characters

The verdict
In a way, this movie is perfectly timed to debut with this tone, having just come off 2 heavy The Amazing Spider-man movies and an Avengers universe that is starting to get darker and splintered, having this light-hearted and energetic outing is like a return to the good ol' times. The actors turn in wonderful performances, and with the quick pace and light-footed humour, it keeps you engaged until the end, but you really only have to dip your fingers beneath the surface to notice the usual MCU shortcomings and a somewhat uncharacteristically incohesive plotline.