This is an excellent film, despite some flaws that can't be ignored.

Rating: 7/10 (18 October 2006)

As a guest at the world premier of this film, held at the El Capitan in Hollywood on October 17, 2006, I can say that not only did I enjoy it very much, but that the enthusiasm with which the audience received it seemed genuine and unaffected by the presence of those principals who attended.
Among the many virtues of this film are the exquisite cinematography, the solid writing and story line, the respect with which magic is treated, and the fabulous acting. Michael Caine, to those paying attention, really steals the show with his characteristic understated mien.
The presentation of magic is very well done; and the art of magic is obviously revered. As this reviewer understands it, the film was largely shot on a closed set, and only those who needed to be privy to how the actual magic effects were accomplished had access when those scenes were shot.
The characters, for the most part, were three dimensional and their motives adequately justified their actions. If one could wish for more in this regard, it would be to have some more back-story on the leading characters.
Which, as it happens, runs counter to my main criticism of this film: It is too long. It is too long by 15 or 20 minutes. Still, whence to cut those 15 or 20 minutes is very difficult to say. There is no one scene that, in retrospect, seems expendable. The paring might best be done one frame at a time; but however it is done, the film needs to be shorter.
My only other criticisms of the film (and herein resides my spoiler) are that there is no explanation of how the Tesla device reproduces the object in its field, and neither is there an explanation of how the point at which the reproduction appears can be set. A minor criticism, because it could have been handled in one or two lines of dialog, is that Angier's (Hugh Jackman) dual consciousness is not explained. In fact, Cutter (Michael Caine) recounts a drowning story in such a way as to indicate that the transported Angier wouldn't know the agony of drowning. Yet the film briefly shows two Angiers simultaneously conscious, implying that both of them could have continued Angier's life with full access to his life's continuum.
The film, although it tests the audience's ability to suspend disbelief, is rich enough overall to warrant a hearty recommendation. It will be an Oscar contender.