What's missing in what should have been a masterpiece

Rating: 7/10 (1 January 2014)

Given the filmmaking skill, amazing cast, excellent performances, directing, editing, and photographic talent that went into making this film, it should have been a masterpiece. However despite some often entertaining moments, the film leaves you feeling there is something missing.
First of all, Leonardo Di Caprio is too soft an actor to take on a roll like Jordan Belfort, the Wall Street wannabee who scammed millions. While he had some great moments and obviously was fully committed to the lead role, there just wasn't the hyperkinetic quirkiness he should have had. If you don't believe me YouTube the real-life Jordan Belfort, on whom the character is based and watch him. Then imagine him high on cocaine and you will see what I mean.
Secondly, the script utilizes the same story telling approach as Goodfellas particularly in the use of voice over. I believe this was a smart choice in principle as Belfort's depraved but relentlessly honest voice is important to hear. However, the VO is excessive and throws you out of the scene, frequently distancing you from the greater emotional potential that remaining in dramatic action would have provided. Voice over thus becomes a crutch here defusing the torque the same technique provides Goodfellas.
Like in Goodfellas, Scorsese takes the VO strategy a step forward by breaking down the fourth wall and having Di Caprio talk directly to the audience. It works in Goodfellas because it takes place at the end of the film when Liotta's character breaks out the world of gangster and migrates into his new lackluster life. In Goodfellas it also occurs with an energy that matches what comes before and after. Here the same tactic takes place in what seems to be a random manner that makes no story sense at all while it also jars you out of the drama by defusing the intensity of the scene which it interrupts.
Thirdly, the distancing of the voice over narration enhances the fact that the film is just too long. Its was clearly a difficult beast to wrangle in editing but it could have lost 20 minutes easily. A shorter edit would have undoubtedly punched up the structure, increased tension and smoothed out some of the few awkward moments.
Fourthly, Scorsese who in my opinion is one of the greatest filmmakers of all time gets cute with his own trademark devices. His slow motion moments seem mechanical, his eery silences that usually scream loudly sometimes fall flat here and his score which he usually edits from popular music better than almost anyone else just doesn't work. The Howling Wolf and Muddy Waters selections are great in themselves but he doesn't seem how and why and where to cut them in.
Thankfully the film does support some masterful work by all creative participants (it is after all a Scorsese picture). The performances are excellent and even Di Caprio achieves much despite what I feel is a case of unfortunate miscasting. Jonah Hill is amazing as are all the other smart ass hustler guys. Margot Robbie could have stopped at being beautiful but she showed depth, sensitivity and moxie as Di Caprio's second wife. Cristin Milioti also was excellent with big brown eyes that break your heart when they tear up. Rob Reiner was a great surprise and Matthew McConaughey's hilarious and off the wall but unfortunately his very short appearance in the beginning of the film makes it clear who should have been cast in the lead.