Mr. & Mrs. Smith is all about seeing two sexy actors in action... fighting, not sexing.
The good. Excellent action, well built. Very slick finish to the production. Interesting technologies. Funny quips and situations. Nice acting.
The actors. It wasn't any acting stretch for Brad Pitt or Angelina Jolie and they both delivered what the movie promised. Vince Vaughn did a bit of his thing, nicely so, without going over the top.
The bad. Empty story.
The ugly. Ridiculous reason to set them one against the other, and executed, by each agency, in a stupid manner. No working business would do that like that, it wastes too much resources. The last big gunfight doesn't work.
The result. It's entertainment, but barely. Only for those who like Pitt and Jolie or are action addicts.