Meh, I got dragged to this by a friend because he wanted to go to a movie and there was literally nothing else out that weekend. Well, it was this or Tyler Perry's Boo 2, so my choice was clear.
I was pleasantly surprised. Not that it was a good movie or anything, but it wasn't by any means painful to sit through. It's basically like someone watched every Rolland Emmerich disaster film back to back and decided they'd make the least offensive homage to them with the least expensive effects budget they could muster.
It's a fine film if you have absolutely nothing else to watch.
Dean Devlin was the writer/producer for Roland Emmerich through the 90's from Universal Soldier to Godzilla, so I wouldn't necessarily call it an homage.