Saw it today with the family, it was pretty entertaining.
A lot of references to the games (moves, special attacks, one of the fatalities), the character designs are pretty faithful to the recent games as well.
Despite being on screen a lot, Karl Urban doesn't steal the whole show, most characters get some pretty good scenes (Cole Young indeed is just there to die but even his fight is pretty cool, especially its location).
My only disappointment was that they showed pretty much all the characters in the trailers (except one) so there weren't many surprises, and I thought the roster for Outworld was pretty slim.
But it's still preferable to the old Mortal Kombat 2 movie from the 90's that tried to shove everyone into the movie and they all ended stupidly cheap-looking and dead in 3 seconds.