finally watched this (couldn't catch it in theatres, so I had to wait for bluray) ...
a lot to like about the movie, but not so much for the story ... even the clever little impossible designs were alright (if you've helped one of your best friends get through his architecture degree, the novelty of Penrose, Escher, et al would unfortunately have worn off) ... no, the best thing about the movie was looking at it conceptually, and appreciating that Nolan allows the viewers to share in a few of his illustrative iterations ...
the concepts discussed, most prominently extraction and inception, make for an excellent intellectual exercise (and discussion) over and above how they were mentioned in the story ...
in terms of the story though, there are two endings that would satisfy me:
1) Cobb's totem topples;
2) Pr. Miles (Michael Caine) is the actual dreamer, and Cobb is the target ... the objective, like with Fischer Jr., is to induce inception through catharsis ... the idea to be 'incepted' is that Cobb must forgive himself and move on with his life, not least for the sake of his children; the cathartic moment is when Cobb realizes that he did indeed fulfill his promise of growing old with Mal ...
I prefer the second option ... the story, as it is presented, shows us the obvious and violent ways the dreamer's subconscious turns against the intruder; but it is a lot more subtle when various corporations and various governments are all hunting the intruder, Cobb -- a very plausible scenario, I feel, when there is a more expert architect running the show, like Miles is made out to be ... there are several similar supporting "clues" (for lack of a better word) that made me think of that explanation, and also decide that that explanation was most intellectually rewarding for me, the viewer ...