Why does Thor: Ragnarok open with Chris Hemsworth narrating only for him to stop once the title card sizzles? Literally, sizzles. Ragnarok is delightfully tongue-in-cheek and on-the-nose. Director Waititi refuses to take anything too seriously, which makes for an amusing two plus hours, but it doesn’t amount to much. If anything.

When Hemsworth stops narrating–after a big, well-executed action sequence–he heads back to mythic Asgard. There he pals around with a number of cameoing stars before heading down to Earth to pal around with cameoing Benedict Cumberbatch. Tom Hiddleston is around for much of these scenes, turning up as much charm as possible in a thin part. Sometimes if it weren’t for Hiddleston’s hair, he’d have no screen presence at all. Not because he’s bad–he’s fun–but because Ragnarok doesn’t really have anything for him to do.

The main plot–involving Hemsworth ending up on a far-off planet duking it out with CGI Hulk (Mark Ruffalo shows up eventually) to amuse Jeff Goldblum. Goldblum is playing an alien ruler, but really, he’s just playing mainstream blockbuster Jeff Goldblum. Though not mainstream blockbuster lead Jeff Goldblum; supporting mainstream blockbuster Jeff Goldblum. He’s got less responsibility but more enthusiasm.

One of Goldblum’s minions is Tessa Thompson. Turns out she’s also from Asgard. So Hemsworth tries to bond with her–oh, I forgot. In between the Cumberbatch cameo and Goldblum’s arrival–Hemsworth and Hiddleston meet up with dad Anthony Hopkins (in such a rousing performance you can hear the paycheck deposit) then discover previously unknown sister Cate Blanchett is laying waste to Asgard.

She’s god of death. Hemsworth is god of thunder. Hiddleston is god of mischief. The first two eventually become important. Like everything else involving Hiddleston in Ragnarok, turns out his god power isn’t important.

Karl Urban is Blanchett’s sidekick, though he gets astoundingly little to do. Much of the supporting cast gets bupkis–like Irdis Elba, who should have a big part since he’s leading a revolutionary force, but he doesn’t. Ragnorak churns. Neither its plot nor its characters develop. Thompson gets the closest thing to an arc and it’s super thin.

Instead, director Waititi relies on Hemsworth’s ability to be likable and mug his way through scenes. Hemsworth and Thompson flirt bickering, Hemsworth and Hiddleston brotherly bickering, Hemsworth and CGI Hulk monosyllabic bickering. The actors do end up creating distinct characters, the script just doesn’t need them to be distinct. So when the third act rolls around and it’s time for the showdown with Blanchett, all the personality gets dropped. There are like six people to follow through the battle sequence. There’s no time for personality.

Waititi’s direction is strong throughout. He’s better when setting things up and taking the time for the grandiose action. Once it gets to the alien planet, he’s lost interest in exploring how the viewer might best experience the scale. It’s fine without–the cast keeps it going–but when it comes time for Ragnorak to add everything up, it’s way too light. Especially since the whole finale hinges on something not really explored enough at the beginning.

Also. It’s unbelievable Hemsworth, Hiddleston, and Thompson are so unfamiliar with the concept of Ragnarok. I feel like at least one of them would’ve had to have read Edith Hamilton.

But it doesn’t matter, because it’s all fun. There’s fun music from Mark Mothersbaugh, there’s a fun performance from Blanchett (who rather impressively tempers herself, resisting all temptation to chew the hell out of the CGI scenery), there’s a lot of funny lines. A lot of good sight gags. Waititi knows how to get a laugh.

If only Ragnarok didn’t have drama. The screenwriters don’t do well with the drama, Waititi wants to avoid it, the cast has no enthusiasm for it. It often involves CGI backdrops with poorly lighted composites too. The film can handle being a goofy good time. It can’t handle the rest. It can’t even handle giving Ruffalo actual gravitas. He just mugs his way through scenes, which is fine, he’s good at it. But it does mean you don’t have a single returning principal in the film with any character development. Not the Thor players, not Ruffalo in his spin-off from The Avengers 2.

Thompson and Urban both get one, but they’re playing caricatures. They’re playing them well, sure. But they’re caricatures, thin for even Ragnarok.

Good special effects. Some striking visuals. Waititi does better at the fight scenes than the sci-fi action scenes. Good photography from Javier Aguirresarobe. The Mothersbaugh score is decent.

The plot just turns out to be inferior one. While pretending to be an ostentatious no-frills plot. Without the characters making up for those deficiencies, Ragnarok just can’t bring it home.

Awesome Led Zeppelin sequences or not.