
Unfortunately, the reviews I read over the past couple of days were right: Blanchett's costumes get more attention than just about anything else in this movie.
The first Elizabeth movie was -- and remains -- marvelous: a tense, exciting political and romantic drama with a stellar cast. This movie, on the other hand, while equally gorgeous in appearance, lacks the intensity and drive of the first one. There are endless cuts over to Philip of Spain who is moodily contemplating the end of the "bastard" Elizabeth. He obsesses on the word. We keep coming back to Mary, Queen of Scots writing letters. We see plotters meeting in a dyers shop who mutter about plans. There are nations at stake, and where is the juice of the film? In an awkward love triangle (if you can even call it that) between the queen, her favorite lady-in-waiting, and Walter Raleigh, which reduces to the great queen to a tempermental teenager.
When the script allows it, Blanchett shines, as always. She has tremendous charisma and intelligence, and she can be either ferocious or vulnerable. But she's not allowed to command this movie the way she did the first one. Geoffrey Rush is even more wasted.
The best moments belong to or directly involve Clive Owen. I'd be willing to watch the whole movie again just to listen to his speech about what it's like to be at sea.
If it were a different kind of movie, I might recommend waiting to see it on DVD, but this is a spectacle, and should be seen on the big screen if at all possible. Go with no expectations except to enjoy the eye candy and a few beautiful moments.