With Bond going “real world” and gadget-free in the Daniel Craig era, and the Bourne series having blazed a trail of “we shot it all handheld and shaky and grainy so it must be real” veracity, it seems the task of providing audiences with a contemporary version of the spy action, just-ahead-of-reality gadgets, and larger-than-life spectacle that the Bond movies specialised in during the ’60s and ’70s, has fallen upon the Mission: Impossible franchise. For my money, it’s taken the baton with aplomb.

This fourth instalment finds Ethan Hunt (Tom Cruise) having to enact the titular protocol when IMF are blamed for a terrorist attack and disbanded. What that means is going it alone with a small team of loyal compatriots — newcomers Brandt (Jeremy Renner), who harbours a secret, and Jane (Paula Patton), who’s cowed by a failure in her previous mission, as well as returnee Benji (Simon Pegg), upgraded from office-bound tech-head in the last film to field agent tech-head here. They have to find the chap who did do the bad thing, and stop him from doing something even worse. Naturally that means trotting around the globe, engaging in adrenaline-pumping action sequences, and, the franchise’s speciality, performing vertigo-inducing stunts. For real, because, you know, Tom Cruise is crazy.

Naturally, the latter is the film’s most memorable asset — there’s a reason the Burj Khalifa sequence, where Cruise scales the outside of the world’s tallest building using only some magic gripping gloves, was all over the trailers and the only image on most of the posters (apart from the one I’ve used…) There are several great action sequences, but that — and the chase through a sandstorm that follows soon after — are the best. Somewhat unfortunately for pacing, they come halfway through. The climax is a mano-a-mano fight in an automated car park. It’s good, but feels underwhelming by comparison, with Michael “Girl with the Dragon Tattoo” Nyqvist’s middle-aged businessman villain never feeling like a credible physical threat to Cruise’s action hero. (Someone like the other Mikael Blomkvist, on the other hand, would’ve worked.)

This is a bit of a recurring theme with the Mission: Impossible films now, though. M:I-2 had numerous big sequences but ended with a knife fight on a beach, while the third one climaxed with a run around some houses. They worked in their own way — 2, in particular, because the rivalry between Hunt and the villain is so thoroughly built up throughout the film that their final face-off matters — but here the villain is underdeveloped, the threat he poses pitched as a broad “end of the world” type thing for most of the film rather than something specifically tied to one man, so the one-on-one showdown doesn’t feel earned.

Elsewhere, the film works in a nice subversion of another of the series’ stock-in-trades — namely the insanely good masks, which were so vital to the plots of the last two films. Possibly realising their effectiveness couldn’t be topped, or just fancying a change, here a situation is engineered where they must go without. It also means Cruise and co stay on screen as their characters, rather than having another actor embody them for what turns out to be a tense, key sequence. Bonus.

There’s a host of other gadgets to be going on with, though. It may be a side effect of having the writer-director of The Incredibles at the helm, but the stuff they’ve dreamt up here is pretty cool. Okay, the plausibility is dubious… but not everything has to be super-real, does it? Can’t we have some actiony spy fun? I think we can; and it can be done without needing to apply the excuse of “well, the film’s basically a comedy, isn’t it?” that other (enjoyable, in their own way) films of the past decade-ish have used. The tone is clear right from the pre-titles, which feature one of the film’s best gadgets (no spoilers!), so I think it sets out its stall early enough. You’re not going to think you’re watching a moderately strait-laced movie only for an invisible car to turn up halfway through, put it that way. If you’re not on-board after the opener… well, there are plenty of Bourne and Bourne-a-like films to go back to.

Another aspect that may have been brought by the Pixar alum is a nice vein of humour. Most of it comes courtesy of Pegg, unsurprisingly, though Cruise’s ability to be light and amusing is one of his lesser-praised, but very able, qualities. It doesn’t undermine the action (as it does in some of the Moore Bonds, for instance) but adds welcome tonal variety.

Not all of Brad Bird’s decisions are to my liking, though. Reportedly, 25 minutes of Ghost Protocol were shot on IMAX. That’s about 19% of the film. On Blu-ray, the amount of the film afforded a Dark Knight-style shifting-aspect-ratio IMAX treatment is a whopping 0%. This was on the orders of the director, but it’s a shame. No, IMAX footage on a TV is not the same as watching it in an IMAX theatre, but releases like The Hunger Games: Catching Fire have proven it can still have a strong impact. I bet the Burj bits in particular looked stunning, and it’s a shame we’re not allowed to enjoy them in a form closer to how they were shot. Still, that’s a fault of the home entertainment release, not the film itself. In all other respects, Bird’s work is first-rate. I like that the series consciously changes director with each new film to provide new ideas and voices, but if they were going to break the pattern then Bird would’ve been a good guy to allow back (certainly a superior pick than the third film’s J.J. Abrams, anyway, who was originally slated to tackle this sequel too).

I’ve always been a fan of the Mission: Impossible series — indeed, the oft-derided second one is among my long list of favourite films — but Ghost Protocol I particularly enjoyed. After a third entry that sometimes bordered on becoming formulaic or rote (saved primarily by Philip Seymour Hoffman’s villain), this feels like a breath of fresh air. I was even tempted to go for a full 5 stars, but there are some bits that push the cheesiness too far (mainly the final poorly-green-screened scene), and the villain is underdeveloped. Ultimately these are minor complaints; fleeting niggles in a spy actioner of the highest calibre.

The fifth impossible mission, subtitled Rogue Nation, is in cinemas tomorrow.

Ghost Protocol placed 19th on my list of The 20 Best Films I Saw For the First Time in 2015, which can be read in full here.