Not a great film, but not a terrible film either. Its biggest failing is that it feels more like a modern take on a Sax Rohmer romp than an actual Sherlock Holmes story, but you could probably pretend it's also a sequel to Young Sherlock Holmes - an adventure about that character 'all grown up', if you will. There are a few nice moments of dialogue, but not enough banter between the two male leads to convince you about their chummy status, and a baffling sub-plot about them 'breaking up' that's just begging for you to derive some sort of homosexual subtext, with the odd moment where they drop the 'sub' part entirely, with Holmes' undisguised hostility to Watson's lady friend, or referring to Watson himself as 'Old Cock'.
There's worse ways to kill a couple of hours, but the trailer is slightly misleading in making you expect an outright summer matinee blockbuster, as it's a little slow for that, and the fights aren't terribly exciting as much as they are loud and busy.
I'd give it a three and half out of five if pushed.