Not bad...my expectations were low, but I ended up really enjoying this. It's not your Disney Snow White, but it does have an evil queen Bit*h, a poison apple, Snow White, a talking mirror and a group of dwarves. The evil queen has deposed the noble king, imprisoning Snow for most of her young life, turning the kingdom into waste and generally treating everybody very badly. Snow escapes, and meets the Huntsman, hoping to regain the throne and restore truth and beauty.
This flick is full of pre-Christian northern European imagery, somewhat like Tolkein (no surprise, he got his material from the same sources); a big expansion on the Grimm story. The cinematography is quite good, the dark forest is scary, and the action works quite well. It's a little too full of digital FX (only a little though) in some places where it wasn't needed, but, for a high-concept sword and sorcery fantasy, it succeeded due to its complete lack of irony or stupidity.
Charlize Theron is now without peer as angry, towering Bitc*, Kristen Stewart is pretty good as Snow and Chris Helmsworth (Huntsman) didn't do much damage. I was surprised to see it as only a 6.9 on IMDB, but hopefully that will come up after more people see it. If you're in the mood, you could easily spend a worse 2 hours.