Mostly I liked it, though some personal nitpicks:
-Johnny Cage wasn't as funny as I was hoping/expecting. He had a few dry one-liners but mostly he leaned into the "washed up actor" thing hard. Kano was better in the comedy department. I like it when Johnny is more overconfident and thinks he's hot stuff, we didn't get much of that here.
-Quan Chi is almost an afterthought, even though he's one of the bigger bads in the games.
-I was hoping for more Sonya/Cage interplay, especially when you consider the game backstories. The most we get is her trying to inspire his confidence early on, and then they're mostly apart for the rest of the movie. A letdown.
-For all the talk about how the other realms have become horrible under Shao Kahn's rule, we actually see very little of the realms' plights. Showing that sort of thing would've further emphasized how high stakes Earthrealm winning the tournament was.
But as for the good? The fights! It was easy to tell what was going on, so it was well choreographed and shot/edited, and there was variety in the battles so it didn't feel repetitive even though there were quite a few of them. It's really hard to pick a favorite fight because of that, though special mention to the Kang vs. Lao one, simply for the memorable Portal-esque blue background.
Baraka and his fellow Tarkatans look delightfully macabre. I also liked how his race wasn't portrayed as evil or working for Kahn; he wants to be out from under his rule as much as anyone else.
Also, a small moment but I liked how Netherrealm was initially portrayed as a serene garden, only for it to be a facade.
Ed Boon cameo as the bartender!
I'd posted this back in 2016, over ten years ago!
