Everyone seems to be rating the film based upon hype instead of analysis.

Rating: 6/10 (4 July 2009)

The acting is what saved this film. Johnny Depp was great, which is what prevented it from seeming as if it was shot by a mediocre film student.
I was surprised to find other reviews in which they stated the audio sounded muffled. I too noticed this but attributed it to the cinema. However, perhaps not. The mixing for the dialogue was bad. I couldn't understand some words being said and at times I literally tried my best to lip read. It was distracting. However, perhaps it was some cinemas or it may not be the same upon a DVD/bluray release. Thus, I won't factor the audio issues into this review.
Now, I spoke of distractions. The biggest distraction was the cinematography. I'm certainly not the first to complain about the digital cameras used; however, my complaint is slightly different. I typically liked how the shots looked. The lighting of the night scenes was great. The problem was the excessive use of hand cameras. Obviously this was an attempt at "putting you in the action" and heightening the action. There were numerous shots over people's shoulders, in an attempt to make it seem as if you were standing behind them. But this attempt failed.
The major sign of excessive use of hand cameras came during the shootout at the bar with Nelson. This is where the cinematography broke down. There was constant camera jitter, bizarre shots from the ground looking up at the characters, and excessive closeups. Frankly, it was reminiscent of Rec and The Blair Witch Project, which is a bad thing when considering the type of movie we were meant to see. In both of those films, the viewer was aware that the character was using a portable camera. With that understood, it allows the viewer to be transported into the film--into the action. With Public Enemies; however, there is no real justifiable purpose. It's unnecessary to simulate a first person view to draw a person into a movie. Instead, this should be done with brilliant acting, a great script, and beautiful cinematography. The best filmmakers have been doing this for as long as the medium has existed.
Ironically, the opposite of the intent was achieved. Instead of being within the action, you are made aware of the camera. What was meant to draw you in, instead dissociates you from the film. At times I felt as if Public Enemies was more of a video game than a film.
Ignoring the cinematography and the sound issues (yes, that's challenging), the film would likely have received an 8. I would have preferred a greater back story/additional character development; however, I understand the way it is. It is in-keeping with the way Dillinger describes his past to Billie--a short statement of facts without painting any sort of picture.
As I stated in the beginning, the acting was good; however, it lacked the sort of indistinguishable spark found in past Johnny Depp films. It is certainly not his greatest; however, overall it was enjoyable. I left the cinema with the feeling of, that was great, that was fun! What the heck were they thinking with that awful cinematography? That was fun! So on that note, it's worth seeing, even to learn how NOT to shoot a movie. Take notes film students. Take notes.