My M:I rankings:

M:I III: yes, PSH absolutely rules, but every time he's off screen, this movie plays a lot more like a random episode of Alias. One or two cool action sequences, and the Vatican bit is a highlight. But ultimately, this movie is PSH and change.

M:I II: prime John Woo goodness. Might honestly belong higher on the list in terms of sheer righteous action, but it's probably a better Woo movie than it is a M:I movie.

M:I IV: truly delightful set pieces. The Burj Khalifa stuff is untoppable. That said, three things bring this down a bit: 1. Paula Patton, as well as she does here, is immediately followed by Rebecca Ferguson, so the franchise improves from here. 2. Too much Jeremy Renner, and they didn't really know what to do with him. 3. There's this odd tone to Cruise in this movie... Bird just makes Cruise complain the whole time, lmao. Which, don't get me wrong, is funny, but I think it teeters on the edge of making him a spoilsport. Which just isn't Cruise.

M:I: the original is truly incredible summer filmmaking. Probably objectively the "best" of the franchise. Good twists, great De Palma set pieces, terrific acting and dialogue. Big fan.

M:I: Fallout: the best action setpieces of the bunch. Cavill owns. Really hard to not put this at number one...

M:I: Rogue Nation: ... but I think this is the one. The tone is just perfect from the very start, the setpieces are breathtaking, the intro to Ferguson is outstanding... just a perfect spy movie. Fallout has better spectacle, but Rogue Nation is probably the better movie as a whole imo. (I reserve the right to immediately change my mind on this.)