CGI is good. They obviously invested a lot in it. However, the acting is subpar most of the time. I know the guy that played Shang Tsung is a good actor but the dialogues made his acting looks bad. Sub-zero and Scorpion are pretty good though and Kano pretty much stole the show.
It has potential but only if they casted more suitable actors for the main cast. The gore is there but the fight scenes are just average and sometimes looks slow.
The only good fight scenes for me are the opening scene and the last battle.