You're not in the minority (well maybe here, since there's only three people on this board and I liked the movie).  io9 did a good write-up about this vs Godzilla and listed out the issues that were issues for people when it came to Pacific Rim, and that's a site that totally dug the movie.  I'll bet that you'd agree with a lot of what they bring up.

I do remember being a little bored the first hour the first time I saw the movie (but boy did that pick up once they started fighting with the Jaegers), but I found it smoother the second time around.  It sucks that you didn't like it, not that you were wrong, but I definitely feel your pain, knowing how psyched you were to see this.

I can't believe you didn't mention Independence Day in your review, given how much the third act cribs from the structure of that movie.  Not that I'm complaining at all.

You know, you mentioned the issue of being too close to the Jaegers to see what was going on, but they're honestly SO big, it's hard to get the camera far away from them.  There's a shot where Gypsy Danger steps over a bridge, and I kept anticipating that big motion two steps early... that robot is much bigger than any mech I've seen before.  It's kind of like the Enterprise in the JJ Trek flicks, most of the time the camera can't keep the whole thing in frame at once.  I did love the shot where Gypsy's dragging that boat behind it to use as a bat, the movie is full of shots like that to keep your sense of scale.

BTW, doesn't Gypsy look like it's about to throw up on that DVD cover?

And thinking of that, something that annoyed me about this movie was that it was a new IP, but the animation in the end credits?  That looked like beauty footage of the toys that the movie would have been inspired by if it were any other movie.  Did anyone else think that?