James Cameron takes his turn telling an epic fable along the lines of Star Wars, Matrix, and Lord of the Rings. He takes the special fx up a lot of notches especially when watching it in IMAX 3-D which is the best way to see this movie.
For me, the story is good but not great. There are some major holes but the world that Cameron creates is so engaging that you can put the questions aside and enjoy the experience.
Conclusion: Cameron has executed a thrilling movie going experience especially in IMAX 3-D but as epic fables go, I don't think the story beats Star Wars, Matrix, or Lord of the Rings.
Beautiful costumes, hair and make-up, great production design, and gorgeous cinematography are all of what make this film entertaining. But unfortunately when you go to see a musical you expect really good music and I found barely any of the songs to be memorable or interesting.
Yes, there are some decent and well delivered lines from the all-star cast but in the end we have a disjointed story and few sympathetic characters. As a filmmaker I appreciated the references to Fellini but I'd rather watch 8 1/2 instead since that is where most of the story is lifted.
Conclusion: I would recommend this as a rental for those whole love cinematography, costumes, etc... or who want to see some hot dancing from Penelope Cruz.