UPDATE: A Taika Waititi Film with Thor Characters Slapped On

Rating: 5/10 (3 November 2017)

Thor: Ragnarok continues Thor's journey since he left in search of the Infinity Stones at the end of Avengers: Age of Ultron. When a new enemy arrives that threatens Asgard from Ragnarok, the foretold mythological end of everything, Thor must battle his way to save his home.
Ultimately, Thor: Ragnarok is an entertaining rock concert of a film, adopting a Guardians of the Galaxy aesthetic, in terms of visuals and humor, but very much keeping it a part of the Thor franchise motif. Its use of an energetic soundtrack, humorous dialogue, and well-directed action sequences makes it an archetypal Marvel film.
This movie is saturated with humor. Whether it's Marvel's funniest film is debatable, and whether you think that's a good thing or a bad thing is up to you. But the film banks on humor; there are laugh out loud moments almost every 20 minutes in the film. At times it manages to find its perfect pacing for particular scenes to characterize Thor and the supporting cast, but at other times the humor seems to play as a huge distractor to mask its otherwise basic plot.
Don't get me wrong, the plot is fine. No spoilers; Feige was right to say that Ragnarok, indeed, sets up many story elements and important character developments for Infinity War, but it seems to only do the bare minimum with the plot. The key plot points in Ragnarok are presented with a more lighthearted pace, which seems to take away from their impact on the greater MCU. The story's enough to keep Thor's solo adventure going and set things up for the future, but the writing is so focused on creating humorous exchanges and buddy-cop character relationships that it falls short on actually characterizing the supporting characters and villains in a deep way and writing a more clever plot. The plot is just "good enough."
Aesthetically, Thor: Ragnarok is the most visually stunning Thor film to date. Waititi took great care in crafting his shots and cinematography, which helped immerse his audience into the distinguishable worlds encountered in this film. Props also to the direction of the action sequences, which seemed to capture more of Thor's comic book style than his previous appearances have ever shown.
With what she was given, Cate Blanchett does an excellent job as Hela and grounds the film with a formidable and intimidating villain. Tessa Thompson was great as Valkyrie and sets up the character for future films as a powerful Asgardian who arguably surpasses Thor. Jeff Goldblum also brought the Grandmaster's quirkiness and wit to life, playing it with the perfect blend of "villainy" and humor.
Go see Thor: Ragnarok if you want to have a fun time in the theater filled with your favorite characters, laughs, and stunning visuals, but don't expect an intricate story presented to you in an intricate format; just expect a film that manages follow the Marvel formula with exactly the right amount of ingredients. Overall, Thor: Ragnarok is a movie that aims to be more funny than thoughtful, and falls short on what could have been a potentially better story as a result.
UPDATE: I'm updating my review to account for how this film had way too much comedy in it. In retrospect, I felt the film played off way too many potentially serious and dramatic moments in the film that could have developed characters more into cheap laughs. It certainly creates the illusion that it's more entertaining because of the laughs it delivers, but it compromises its ability to be compelling and tell a decent story. The plot has several crucial moments that has grand repercussions not only for the world of Thor, but also for the Marvel Cinematic Universe as a whole. Thor: Ragnarok could have been really compelling, but Waititi decided to make a buddy-cop comedy film with minimal character development for its supporting cast, retracting the film from any emotion or heart in its crucial moments that can invest its audience in what should have been a thrilling story in the Marvel Cinematic Universe. The film is tonally imbalanced to be funny all the way through, with no serious or dramatic moments to balance out the comedy; even the more serious moments have laughs in them!
I'm now lowering my rating to a 5/10.