It has one of my best cinematic moments in a movie: the scene in the lab, where Tom Cruise tells Thandie to stay alive; darts off, taking out some goons; then runs in slow-mo and jumps off the skyscraper.
Some of the action sequences might be cheesy, but MI 2 remains one of my favourite of the franchise, second to Ghost Protocol, Rogue Nation and Fallout (in that order) .