Not terrible (Comparisons with the 1981 version will, obviously, be included)

Rating: 7/10 (3 August 2010)

***Spoilers*** This is not a perfect film. This film does not have the same heart as most, better, films have, like the original version. Perseus is definitely a brooding hero, and the gods are almost villains in this film, especially Zeus. (and that's saying something, because Zeus wasn't the most likable character in the 1981 film). Perseus got Pegasus way too easily. It was better when they had to bond like the 1981 version Also, Perseus' journey carried more weight when his love was also the female in danger, the case of the 1981 film but not the 2010 film. As a result, we don't feel the same for Andromeda of the 2010 film like we do for the love interest/Kraken snack Andromeda of the 1981 film. Finally, some characters seemed to not serve that big a purpose, like the two hunters or the Djinn. Finally, Bubo is missing except for a cameo. It's a minor complaint and doesn't factor that much into what I don't like about the film, but Bubo is still awesome.
However, the film does have a lot going for it. First off, they remade the film while making it different enough that it's not the same film with updated effects. Plus, it's fun watching people fighting big monsters, simple as that. Also, this film still has heart. Perseus does care about his love interest, as does Liam Neeson's Zeus for his mortal sun (at least he does it without bullying his fellow gods, which I can't say for Laurence Olivier's Zeus from the 1981 counterpart). Heck, Calibos, the monstrous villain from both versions has a redemption moment. It's probably helped by the fact that Calibos' story is tied directly into Perseus', instead of just being thrown in because they liked the same girl. I also liked how mostly everyone in Perseus' party in this version are expanded. You feel the growing of their relationship with Perseus and it's more believable them following Perseus into danger. There's also humor, including references to the scorpion fight while they travel and Bubo's cameo. There's also a feeling that Perseus is fighting for Argo and mankind in this version and not just to save Andromeda like in 1981. Sure, he's brooding, but he feels like a true hero. Finally, and I say this believing Ray Harryhausen's effects work is equally awesome, the effects work is pretty awesome. While the Kraken design isn't as awesome as Harryhausen, I like the designs for Medusa and the scorpions. The Pegasus from 2010 is perfect and even trounces Harryhausen's Pegasus, which is something since I thought his was epic. There were times when Harryhausen's work blends in with the live action better than this version (and he did it with far fewer people), but mostly the effects here are spot on.
All in all, I consider this film only slightly inferior to the 1981 film, which has its own serious story problems (I would give the 1981 film a 7, just like this version). If you like Harryhausen's swan song, you should give this film a fair shake. At least rent it and watch it while remembering that, even if this film was exactly the same as the original, it's still not 1981 film. It's a retelling that pays tribute to the original and becomes its own film. You don't have to watch the 1981 film to appreciate this one. (Although watching and enjoying the 1981 film make the Bubo scene that much better)