One of the few problems with Iron Man was that the villain - played by Jeff Bridges - wasn't really up to par. Clearly, the same could be said of the 2003 Hulk, where Bruce Banner wrestled with daddy issues. Emil Blonsky, on the other hand, is a superb superhero villain, and Gen. Ross isn't bad, either. Their presence would go a long way even if The Incredible Hulk weren't very good.
The thing is, The Incredible Hulk is really good. Norton, as you'd expect, is fantastic, and even though he's not credited with writing the script, he was involved with it on some level and the film plays out in a character-driven way more in line with the first Spider-Man or Batman Begins than some of the lesser comic book entries. It also resembles the undervalued TV series in some ways, in particular the perception that Banner is alone in the world and is alone with this uncontrollable beast ready to rage at any moment.
We do get action, and two of the three major battle scenes are thrilling, especially the second of the three. The CGI is both better and worse than the previous Hulk. It's better because the monster appears to be the same size throughout the film and during battle scenes, it looks effective, although not lifelike. But it's worse when we get a close-up of the Hulk. In those moments, the whole thing is very hard to buy. But director Louis Leterrier manages to keep the action going in these moments so as soon as you realize it's bad CGI, you're distracted by the other, better effects.
All in all, this is a great comeback for the Hulk if nothing else. Norton doesn't exude Robert Downey's charm, but Banner has challenges Tony Stark does not. As the series progresses, Norton embodies the troubled loner very well, and if they can make a few tweaks to the computer animated creature along the way, so much the better.