Definitely not worth a second viewing. The CGI is still pretty amazing, perhaps due to the spaghetti camera work that makes the action quite difficult to follow.
I got thinking that it summarised the Bush era pretty well: a love affair with the military, particularly the grunts on the ground; a fascination with vacuous youth culture; strip-mining the 80s for franchises to blockbuster; unfriendly treatment of aliens, even friendly ones; and so forth. Doubtlessly there's a PhD thesis out there on precisely this.
I miss the cheese.