I didn't care for the plot, but the production values, effects and yes even the acting far surpassed the original.
The plot device was simply to establish the known crew of the original series, but also provide Abrams with the flexibility to alter the established cannon...no easy feat, but I don't think the way they weaved it together worked.
The attack on the Kelvin, and the change of fate life direction for Kirk worked...they made his character a mix of Luke Skywalker and Han Solo rolled into one.
Unfortunately, the Nero character wasn't particularly compelling. <spoilers> So Romulus is destroyed in the future, Nero blames Spock, and the anti-matter black hole creating red matter thing conveniently sends Nero's fate to intersect with the birth of Kirk, and then future Spock arrives conveniently as the crew of the Enterprise is set...didn't work for me, especially when they maroon Kirk on the very planet Spock is marooned on, where Scotty just happens to be hanging out.
I guess if you buy into the whole FATE thing, then maybe the plot works.
However, I think the actors all did a great job, and the look and feel of the movie was amazing...took a Star Wars geek to make a good Star Trek film...I am looking forward to where they take it from here.