Just got back from this and I'm still processing it. I really enjoyed it, despite an annoying out-of-place contact lens that persisted throughout the movie, but the extent of how much I liked it is up in the air. Unlike other Tarantino films, the episodic nature feels a little bit choppy. While I felt everything in Pulp Fiction and Kill Bill flowed together exquisitely, the chapters here seemed to alternate oddly, and it shook me a bit. I echo some of the concerns about music cues as well, some of the modern music QT uses just doesn't feel organic (an exception being the scene where Melanie Laurent is putting on her make-up before the premiere, I thought the music there was perfect). Also, Diane Kruger just didn't do it for me here - and it didn't help her that Laurent completely steals the show from her.
But on the whole loved most of the film, and I got into it just as much as I did Kill Bill. In my opinion, there's been far too much controversy about Tarantino trivializing the Holocaust and the rest of WWII here. This movie isn't about that, and it never was. It's about the movies that were about those events, and about other genres of movies put in this kind of setting. It's about the war setting in general - what does it mean to place a film in war time? What if you take a very non-war story style film and place it in the middle of a war? I really loved what Tarantino did with it.
Also, as most have said, Waltz is fantastic. Loved Fassbender too. I'll also throw some love Denis Menochet's way as the French farmer playing opposite Waltz in the first chapter. He held his own in that scene beautifully and was every bit as good as Waltz in my opinion.
One last comment: I agree with FroHam that the Mike Myers scene was supposed to be funny. There's a reason Tarantino cast Mike Freaking Myers and not, say, Ian Holm. Rod Taylor spends the whole time sitting on a chair in the middle of the room serving little more purpose that to look like Winston Churchill, it's supposed to be ridiculous.