I think they really fell short of the mark here. It was an ok film. Entertaining enough to quench a couple of hours of boredom. But nothing special.
Where I really felt they dropped the ball was in doing too much, in too little time. I think they could've kept most of the story they had, but instead of Parallax being the primary villain, he should've just been a background threat that was on the rise, whereas Hal's first major enemy should've been Hector. The film could've spent more time developing that relationship and the characters, and then had Parallax as the primary villain in the second movie, with the yellow ring being the third movie villain.
Instead, they blew their wad all in one go and made a mess of it.