Not a good movie, skip unless you have to watch it.
I'd say that some of the actors were fine, but the acting was bad. To rephrase, they look the part, but can't play the part. The exceptions were Lust and perhaps Mustang. Some of the fault lies in the director/producer/whoever trying to recreate moments from the anime scene by scene, and it just does not look or sound good when transferred into live action. The best example is Winry seeing Edward for the first time - it's just bad (her scream, running, anger, conversation). Or Edward's running, it's just horrible, humans simply do not move like that, but that's because they decided to keep the oversized boots, coat and pants.
Moreover, the action style also suffered from a similar affliction; they tried to recreate the movements from the anime, where physics is mostly ignored, and that same style just looks bad (not just unrealistic) in a live action movie. The best example happened early on in the movie, when Edward is fighting with the priest, those jump attacks of his just looked ridiculous. It reminded me of the Final Fantasy games and their combat style (which looks like flashy/stylish shit).
The CGI was very uneven. Mustang's flame alchemy looked quite nice, but the stone walls/weapons/projectiles made by Ed/Al looked relatively bad. Although the transmutation effect itself looked nice. However, Alphonse's armour and the dummy homunculi looked, if not bad, at least not that good. The armour only looked good in a couple of scenes which happened in poorly lit areas. Oh, and the chimera looks very bad.
The sets also seemed kind of uneven; we'd see some decent looking buildings, both outside and inside, but then we'd get a look at the floor/road/path/whatever and it just differs from the rest of the set. Towards the end of the movie, as Lt. Hawkeye is running back towards Mustang, Al, Ed, Winry, we see her running on a gravel path with grass on the side - it looks very staged and unreal.
Music/sound was also uneven. But I'd give this a pass, since nothing really stuck out as bad, which I'd say is a positive thing at this moment.
To conclude, the movie feels as if made by a program that analysed the anime, noted some specific scenes, words and themes for their importance and then tried to assemble them into a live action movie, while ignoring proper setup, development and flow.