I re-watched MI1 & 2 these last two nights for the first time in at least 15 years. MI1 holds up and is still fun. It has dated special effects and technology, including a laughable depiction of internet usenet groups (they didn't work like e-mail and no spy would communicate via them, since messages were public), but that adds to the charm. Brian De Palma films always deliver suspense and are very rewatchable.
MI2 was a bit boring and tough to get through. Scenes that De Palma probably would've made more suspenseful, John Woo does nothing with except shoot for style points. The film drags until it gets to each fight, but the "Hong Kong style" action just seems a little silly. Hunt is suddenly a martial arts expert, doing his best Jean-Claude Van Damme impressions with kicks to the head and jumping into the air to kick with both feet, even though he did none of that in the first movie. It doesn't help that it's hard to care about the plot and the villain is weak. I agree that it's the worst of the franchise by a long shot.