Tom Cruise is older. Simon Pegg has a cult following. Jeremy Renner is one the new "it guys" for the moment in Hollywood. The director is best known of a pixar movie. Sounds like a recipe for disappointment, but Mission Impossible :Ghost Protocol is anything but.
Ignore the fact that there is not an overwhelmingly bad villain. There doesn't need to be. Ignore the fact that you think you might have seen this before. You haven't. Wherever your stand on Tom Cruise is, there is no denying that the guy can still more than hold his own. From the opening prison segment to the films epilogue, Ethan Hunt is still a great character.
The scaling of the tallest building in the world in Dubai is EPIC. The fact that Tom Cruise did those stunts himself is incredible. The pacing is good,the action is top notch, and the cast makes you want to see them all go on another adventure. Fans who wonder where Hunt's partner in crime Luther Stickel (Ving Rhames) is, will not be disappointed. In short Ghost Protocol proves there is still life in this franchise that has spanned 15 years.
Your mission, should you choose to accept it, is to see Mission Impossible: Ghost Protocol. You will find it hard to dislike.