Either you like it or you hate it. Just what I love. Saw it today (3 hour version), and loved it. Although I didn't expect much, I was pleasantly surprised with both the picture and the story.
Quite many people gave bad reviews based on their 'political perception' of Russia in that period of time, but since movie was made like a fairy-tale comic tragedy, at no point of time did I even think "Is this true image of Russia from that time?" At the end of the day, this is not a documentary (nor was it intended to be) about Russia at the end of 19th century - it is just a story, and should be watched like a story.
Acting was fantastic (I even liked Julia Ormond very much), shots were great, and altogether, this is a movie worth seeing.
At least, you will experience emotions after you see it. You'll either like it, or hate it.