First off, I hated the title of this film. It's more suited as a comic book title then a film title. I think they could have gotten away with Wolverine. Non-fanboys would have known who Wolverine was, at least I think. I know he's no Superman or Batman, but the target audience knows who Wolverine is. Well, onto the film itself.
As an origins story, it provided pretty minimal grit to understanding the man who is Wolverine in all the X-Men films. The story starts off with James / Logan as a boy and by the end of the opening credits he's a man. The opening credits helped the film along similar to Watchmen, covering enough history to get to a fair starting point for the story. Well, what there is of a story.
I found the story weak and confusing at times. There are too many characters and story points to be compressed within the 107 minute for the film. You can't grasp any sense of who these characters are and why you should hate or care for them. It's cool to see Gambit and Deadpool on the big screen, but it'd just as interesting to play them in a video game then watch them in this film again.
The fight scenes were on par with other X-Men films. But oddly the special effects seem to be worse. I would say the original X-Men film had better special effects than some of the scenes in this film. If you can wait for this film to come out on DVD, I'd say do so. It should be out by the end of the year.