I've seen it twice now, once in IMAX and once in 4DX.
Both times I loved it, although I must admit that some of those breathtaking shots out in space definitely deserve to be seen on an IMAX screen. Still can't quite believe this was made on a 60-80 million dollar budget.
I will admit that some of the callbacks are a bit too on the nose. Something like the guy at the start playing a videogame, dying, and hearing 'game over man' was funny, but full on lifting pieces of dialog from one of the older movies to this one was just too much. Overall though it's a nice mixture of elements from the various movies in the franchise, and it still manages to do enough of its own thing.
It's beautiful to look at (aside from one particular character), suspenseful, well directed, uses lots of practical effects, and manages to give a new spin to some classic Alien tropes. Lots of influences from Alien Isolation as well, which I adored, you can tell the director is a fan of that game.
The main cast-members, namely Cailee Spaeny and David Jonsson, are great, with David being the absolute standout of the film. The other cast-members are forgettable, but do their job well enough.
With the success that this movie is having at the box office it seems likely that we will get a sequel. If they manage to resolve some of the flaws that this one has, mainly reining in the overt callbacks, I think fans of this franchise have some amazing things to look forward to, assuming they are sticking with Fede Álvarez.
PS: Other franchises, such as Star Trek and Star Wars, could learn a lot from this movie on how to successfully handle an older franchise with respect. Adding new things to it and and honoring the past without feeling the need to tear it all down.