James Cameron's comedic take on the spy genre is exactly how you imagine it would be. It's superbly shot, well written, brimming with great action, and features great production design. Schwarzenegger, Curtis, Arnold, and Paxton all shine and have great chemistry. Tia Carrere's role is sort of Cameron's take on the Bond girl, but amounts basically to nothing, while Art Malik's main antagonist fares better, but doesn't leave much of a mark either in the end.
What holds True Lies back from being up there with the director's best work is its length. At 141 minutes the movie is 15-20 minutes too long. Like with every comedy, focus is key. True Lies isn't bogged down by unnecessary subplots or outright filler scenes, but it drags nonetheless whenever nobody is chased or gets shot at during the second and third act.
It's lower tier Cameron for sure, but it's pre-Avatar Cameron, so of course it's still great fun.