This was handled surprisingly well. Most of the movie follows some familiar beats, and some strong character building is undermined by some lack of development (mostly Trini). A little inconsistency in design also took away from it for me. But I never got the impression that it took itself too seriously, with some moments even being filmed like they would be on the show. This was a lot of fun to watch.
This could have been something special, but in the end all that we have is a hollow, cookie cutter film that you forget about 5 mins after walking out of the theater. They have a very talented cast, but for the most part they are all wasted. Elizabeth Banks is so over the top that she feels like she is in a different movie entirely. Also this film has some of the most egregious product placement I've ever seen...
All these bad reviews.... seriously though, how can you take Power Rangers so seriously? The beauty of the series is partly because it didn't take themselves seriously and was able to create such ridiculous storylines for each episode. This film does exactly that but with better special effects.
After a brief and at least somewhat atmospheric prologue, "Power Rangers" opens with a gag about a high school boy accidentally servicing a cow, and this molasses-paced "Power Rangers" reboot never really recovers from there. I can see the argument for remaking this property for a post-"Chronicle" era, but I'm not sure if Krispy Kreme product placement or Elizabeth Banks scenery-chewing were the way to go about it.
Among some great parts, like the intro scene, the following crash and early Rita scenes, there's some terrible aspects, like the worst CGI in a film of this budget in the last 10 years. More talkin' than morphin', there's barely any action until it plays every card it has in the last 20 minutes, where they finally fight a real threat. Should've left Billy dead, that would've been bold.