I had a special pass to see an advanced screening of it last night. I actually was prepared to be embarassed for both Stallone (for being way too old for the part now) and the franchise itself, but I was pleasantly surprised.
While the idea screamed trainwreck from announcement, I think this film actually caps off the Rocky franchise (that is, unless it does well enough for a Rocky VII, but I hope not, this is a perfect closing to the series) with class and is far superior to IV and V. I would compare this one most to the first movie considering the heart and spirit of the film. I wasn't expecting much but Stallone once again makes you fall in love with the Rocky character and by the end of the movie, you are once again rooting for him.
I still wonder what happened with Talia Shire, she's still alive and working, but here, Rocky is a widower who is still pining for his true love. We also get Paulie once again. I honestly was thinking that they were about to give Rocky a new love interest with the Marie character, but I guess they decided to only hint at it as to not insult Adrian's memory in this movie.
All in all, we all know that Stallone and Rocky are both well past their prime, but "Rocky Balboa" really proves that the old guy still has it and you will walk out of the theater both sad (minor spoiler, the final scene at Adrian's gravesight is a tearjerker) but also with a sense of renew and happiness. Stallone sends out the franchise with the same class the first movie came in with.