The Director's Cut is a definite improvement.

Rating: 7/10 (23 April 2011)

(This is a review of the Director's Cut of Troy, which is significantly longer, more brutal, and better overall than the theatrical version. There's more time for character development and the battles are much more intense. It's definitely the version to watch.)
Troy plays fast and loose with history and Greek Mythology, but it ends up being a pretty entertaining movie, as a result. And really, isn't that the point?
Yes, Brad Pitt as Achilles and Orlando Bloom as Paris are direct and blatant ploys to get butts in theater seats, but they're certainly not bad. The hodgepodge of accents can be a distraction, but the cast is likable (Sean Bean as Odysseus was a favorite of mine) and there are equal parts drama and epic battles to keep a wide audience satisfied. Lots of blood, noble, lusty heroes, beautiful women, and a pretty spectacular take on the ultimate fall of Troy.
This movie doesn't quite reach the heights of the best movies in the genre, but it mostly achieves what it sets out to do: put a fresh take on one of the oldest and most famous stories of war.