The commentary on the media is just a little inconsistent, but the bravura filmmaking more than makes up for its minimal thematic hiccups. The opening sequence is, of course, filmmaking of a kind no one else can touch, but the brief, warm-but-funny scene of the robbers and their hostages sitting down for a meal before the climax is no less original and striking.
As an overall film, probably closer to 3/5, but I give it a 4/5 because of To just absolutely putting all other action directors to shame with that opening sequence. A very good film overall, but far more interesting for To's technical prowess than the story.
Notwithstanding some terrible soundtrack choices Breaking News is an exceptionally well shot action film with a surprising, albeit a bit melodramatic narrative about the media. For that you are probably better off watching "15 minutes" but if you love impossible tracking shots the first 10 minutes are a must.