Okay, how does it resemble Men in Black? Like the MIB films, RED is both an action film and a comedy - call it a funny action film, or a violent comedy. Except there are no obvious aliens in RED.
How does it resemble Sea Wolves? Like that film, it is a vehicle created to give a group of older actors a chance to do something dashing and fun. Sea Wolves had David Niven, Roger Moore, Gregory Peck, Trevor Howard, and Patrick Macnee doing World War II stuff.
RED has Bruce Willis, Helen Mirren, Morgan Freeman, John Malkovich, Ernest Borgnine, and Richard Dreyfuss, plus a couple of talented younger people: Karl Urban and Mary-Louise Parker, doing modern black ops.
So, is it a great movie? No. Is it fun? Definitely. The old guys get to crack wise, play with some cool weapons, fire off a lot of ordinance and blow up some stuff too. Imagine Helen Mirren firing a Ma Deuce - that's some serious firepower. She does it and almost looks like she's having fun.
Are there holes in the plot? It is no tighter than an early years NCIS plot, which is to say, far from linear. However, it moves so fast you probably won't be offended by the holes. RED likely won't work for teens, but my readers aren't teens. If you liked MIB you'll like RED.