Not only has he been Oscar nominated, but he has shown range outside of the action genre in movies like A few good men, Magnolia, taps etc. He’s even generally delivered his share of good performances throughout his career.
It seemed to have gathered pace when he announced his passion for scientology - Certainly in the UK that was the case anyway. Whilst not a fanboy by any stretch i think he is one of the most consistantly impressive actors, rarely putting in a bad performance. When you have performances like Magnolias, Rain Main, Eyes Wide Shut, Jerry Maguire, Born on the Fourth of July, Collateral and Edge of Tomorrow on your resume you deserve respect.
He has two facial basic facial expressions: 1) The big toothy grin, and 2) the intense or befuddled look. You know the one, where he strikes his best camera angle, and looks towards the camera, but slightly higher and to one side?
His larger-than-life movie star persona has stifled his reputation as an actor, I think. Cruise is so famous and recognizable to the point where people have problems separating the actor from the character in the films he plays, hence why he's so often labelled as a less-than-stellar actor.
Cruise is definitely no Gary Oldman. He's definitely a movie star who picks roles tailored to his established screen persona, but within that established screen persona however, he actually is quite capable at taking us through an emotional journey with the limited range of characters he can play (Jerry Maguire, Magnolia, Eyes Wide Shut). I think Cruise had the potential to become a more serious, daring actor in his younger years, but he clearly enjoyed being a movie star and a Hollywood icon more, hence why he is where he is today.
He's probably far too self-conscious now to take on the same dramatic roles he was known for in the 90's, but for what he's trying to do, he's a pretty damn solid performer, I think. Not a great actor, but a great movie star, which is exactly what he wants to be.