To answer Mac's question first: The movie is an adaptation, some might say a mutation (ouch! stop throwing things at me!) of a medium that spans over 20+ years with multiple characters. Someone has to pare it down. I realize they can't cover every little nuance so I'm fine with the little liberties they took.
The movie was very enjoyable. I loved that it captured the scope and size of their powers. In my youth the impressive feat for Lou Ferrigno was to knock down a brick wall. C'mon Batman parallel parking the batmobile would be more impressive. In this trees are swung like twigs, optic blasts rip through ceilings, magnetic powers can levitate several cars, etc.
Most of the characters turned out well:
Hugh Jackman was fabulous. Aside from being too tall he absolutely nailed the character. Patrick Stewart and Ian McKellan were what I expected---greatness. Mystique looked great. The revamped Toad was a big step up from the comic book variation. Anna Paquin did a credible job as a younger, more vulnerable Rogue.
Jean Grey and Cyclops were ho-hum but at least they had some interaction, Storm was by far the biggest waste of talent. Hal Berry has the look but she may as well as been an extra whose eyes glowed. Plus she had one of the worst lines in movie history, "Do you know what happens to a Toad struck by lightening?"
Sabretooth was a disappointment. The guy was too tall and awkward. He didn't have the grace of a giant cat. Plus all he did was snarl, no trash talk with Wolvie at all.
Now for a few more quibbles. The movie was a little understated. The main theme is--if you are an outcast, feared by many, how do you use your powers? While this question is debated by the reserved Prof X and Magneto there is little else by the other characters. There are a few dirty looks from bystanders, anti-mutant signs in the background, a minor ball-room brawl but not much else. Everyone seems to gravitate towards their positions: X-Men are good, Magneto is evil and the most neutral observer, Wolverine, doesn't question anything. He just helps out the X-Men because he has an affinity for Rogue (and Jean Grey). I wish there had been more development of this theme instead of relating it as some sort of background setpiece.
Another observation is a side-effect of so much use of the metallic blue set designs. It looks really cool but it is also emotionally cool. It seems to make everything a little more emotionally distant. Which also coincides with two favorite scenes---the young Magneto and the intro of Wolverine. Both seemed to have a little more emotional depth.
And my last little quibble--the whole Magneto in a spinning Contact like device that enables him to change people into mutants seems a bit absurd. I didn't know magnetism could effect genetics. It ust seemed like a plot device.
Now all of that may sound real negative but I love watching this movie and can't wait for the sequel next month.