I'd liken 'Mad Max' to 'The Raid', though its plot was somewhat less disposable than 'The Raid' and the action wasn't anywhere near as thrilling (for me). It's plot is, fittingly, an unwieldy, unsubtle vehicle for visceral action, both as it is shot and in the way it is shot. To be honest I found 'Fury Road' hard to warm to in its opening fifteen minutes, it was just so loud and OTT, but I definitely appreciated its stylistic eccentricity and the strong sense of a Directorial influence being exerted, contra most blockbusters (even the good ones, i.e. Marvel Universe, which are terrifically entertaining but fairly anonymous, aesthetically).
I would imagine that calling the film 'Mad Max' is simply a matter of branding - can you imagine Miller being given the budget he had for this without the 'Mad Max' brand affixed to it? Also, as has lamentably been shown by that campaign against the film's supposed feminism, its a good way of tricking men into watching a film that effectively stars a woman (I thought Theron was great, incidentally... The other (young) women, not so much.)
The plot was pretty thin and, although the concept of the post-apocalyptic world was in some respects quite interesting (I've seen arguments that the villain can be seen sympathetically, for example, as a man trying to rebuild the human race in a healthier, Rosie Huntington-Whitely-esque image, e.g.), I can see why people would be frustrated with it for not offering much in the way of dialogue/characterisation. To me it was just an incredibly expensive B-movie, but I think that isn't necessarily a bad thing to have, given the inventive, anarchic energy going into it. Reminds me of Sam Raimi directing Spider Man, for example. I appreciated the goriness of Fury Road, for one thing. It wasn't really groundbreaking as a film so much as a throwback to that era of gritty, violent genre cinema with deeper messages smuggled into the subtext.
Saying all this I was rather disappointed in it after all the rave reviews but I certainly didn't react to it as negatively as others in this thread. I definitely see why people don't like it, though, and I often caught myself thinking that it was guilty of the same sins that would have Michael Bay hauled over the coals by critics.