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Matt Damon is a tremendous actor (especially in Ripley.) And the direction is phenomenal -- never a dull moment. But at least in Live Free or Die Hard they made it clear that tongue was firmly in cheek and so when Bruce Willis survives every explosion/fall from a building/fight and is just a little slowed down, you smile and go with it. Here, the hand-held cameras make the action seem so realistic that when Bourne manages to just get up time after time, it just makes you laugh at the movie and not with it.
Are there some excellent chases? Sure. But that's matched by the incredible amount of exposition being dropped left and right.
(SPOILER: The CIA chief says on the phone... "Remember why we brought her on this case. So we can blame it all on her when the time comes." Sheesh. It was like one of those bad sitcom pilots where a guy walks in and the female character says "Little brother, there you are." to explain the relationship between the characters for the audience. No one would say these things. Especially not a CIA chief trying to not get caught.)
Every time they went back to the CIA war-room or whatever you would call it (the Exposition Room?), it was all to explain what was happening, but in a cliched way.
Not a bad movie, but certainly a disappointment given the first two. (And didn't the second one end with Bourne in NYC? Does that mean we only get to that scene halfway through this one?)