To tell you the truth I had been hesitant to watch this film since most reviews were pretty negative. But now after having watched it I think that most of those are unjust since Blackhat easily surpasses Michael Mann's worst film Miami Vice (the one with Collin Farrel and Jamie Fox).
Blackhat is filled with tension comparable to that of his films Manhunter and Heat. On top of that it gives a far more realistic view of hacking than ever before in films. Where it goes wrong though is how character Nick Hathaway is portrayed. He seems to be a little too much of a superman. Besides being a brilliant hacker he also seem to be quite skilled in combat and is oozing with charm. It detracts from the realism the film is aiming for. Then there is the romantic relationship between Nick and Chen Lien. It's completely unbelievable. These persons did not know each other only from hearsay and pictures and throughout the movie there is very little to no chemistry. This relationship only exists since it serves as one of the events to push the plot further. Other than that there is no point to it. Mann expects us to accept this relationship without properly explaining why they are such an item. If it is so important than you do have to give us some reason for the audience to buy it.
But the main flaw is that the climax does not deliver on what is build up to tension wise. In fact it is so generic and pointless that you will feel tricked. Blackhat ends in such unsatisfying manner that it will make you angry. And it completely baffles me why Michael Mann let us down in this way. For the most part he made me believe to then simply drop the story like it never was that significant in the first place.
It is hard for me to say if it will be worth your time or not. That really depends on your expectations and if you like the majority of Michael Mann's work. For me it was not a waste of time. I enjoyed most of it quite well. Then again I had set my expectations quite low and that does help of course. Still I could not escape the feeling that Blackhat is missing a soul.