I thought it was great. It did feel like a Spielberg movie from the 70s or 80s without feeling like a ripoff.
I was the same age as those kids in 1979, so I was really able to connect with it. There were so many things in their rooms that I recognized from when I was a kid. Except that I had a lot more SW stuff. And I loved that they mentioned D!ck Smith's Do-It-Yourself Monster Make-Up, and that they actually used it. The zombie movie was awesome!
My one gripe is Abrams' stupid use of lens flares. I actually thought they worked well in Star Trek, here they were unnecessary distraction.
I also thought the score was a little underwhelming. It wasn't bad, but afterward I couldn't remember any of it.
I agree about the lens flares, I hate them too. I was waiting for them to flare off that kid's braces!
I didn't like them in Star Trek either because they were a bit overdone.