Caught this is Indy last week. Loved it. It is by far, Smith's best work, at least technically speaking. It's faced paced, concise, and literally exploding with action...yeah, action. At one point in the movie I started thinking about that scene in Hot Shots: Part Deux, where they are counting the number of kills(more than "Robocop"!). Spoilers....the last section of the movie is literally non-stop shooting. I mean the volume of gun fire that was on display was not what I was expecting from Smith. If I didn't know this was a Kevin Smith movie, I probably never would have guessed it. I am not a fan of "shaky cam" a la Bourne, but something about this worked in Red States favor. I think it also helps that the movie is just under 90 minutes so it doesn't have a chance to wear on you.
While I don't think the film as a whole has any chance at an Oscar, I would not be surprised if Parks, Goodman(especially), and even Leo got some recognition for their work. Their performances are that good. Plus, they all seem to be relishing their parts and having a great time. Another thing I loved about the flick is that no character is sacred. Spoilers...people that you expect to live die early, people you expect to hate you start to see their side and feel bad for them, and even the "good guys" are colored with grey. No one is safe in this flick and the ending....so good.
I would pay to see this again in the theater. Mainly because I want to see how other people react to it. It definitely exceeded my expectations.