Just saw it tonight

Rating: 9/10 (31 October 2007)

This is easily one of the best movies I have seen all year. Cate Blanchett is unrivaled; if she doesn't receive a nomination for Best Actress, I will be shocked. The supporting cast is brilliant; the costuming is superb and the cinematography is glorious.
I do have one complaint about the film, which is why I gave it a 9 instead of a full 10. Several scenes take place in Spain, with King Philip (and his ever-present, never-speaking daughter, whose purpose seems to be window dressing). Naturally, because they are set in Spain, all of the dialogue in these scenes is either in Spanish or Latin. Since I don't speak either language, I had pretty much no idea what was happening in these scenes. I wouldn't expect Spanish scenes to be presented in English, of course, but subtitles would have been helpful.
Apart from the language barrier, I very much enjoyed this movie and would see it again. It's one of those rare sequels that manages to surpass the original.