I guess we'll have to agree to disagree. I think it basically does everything you can ask an action movie to do. It can be cheesy at times, but so can basically every great action movie. We all love Commando for its cheese, and Commando is nowhere near as good overall as The Rock.
I do agree that T2 is a much better film, though. Terminator 2 is, in my opinion, the greatest action movie ever made. There's never a time when I watch it and am bored. It's a brilliant film. Die Hard may have been more influential for the genre, but T2 is just a better movie, and the special effects still hold up surprisingly well today.
And you'll note I had The Rock behind both T2 and Aliens. I don't think it's as good as either, or as good as Die Hard. I think it's in the next tier, which also includes Face/Off (probably the most re-watchable action movie ever) and True Lies.