OK so its not perfect BUT....... It may sound odd, but this is one of my favourite films. Why? Because when I watched it, I had not read the novel. It was only when I obtained a copy that I realised the movies shortfalls. However, when you see the frankly fantastic model breaking the surface, it makes you think "yeah this was worth the wait". The dialogue (or lack of it) is wooden, and the movie does little to explain properly the Sicilian project and its potential, but the model and its raising is fairly well represented. But have you ever considered the consequences of its raising. In the film it comes up damned fast, like the novel, except that instead of stern first it comes up bow first. Well sorry, but if that happened the stacks would be shorn off along with the masts, the film was so hurriedly put together that the film makers forgot that. Also, when it breaks surface it comes up sssssssssslllllllllllllllloooooowwwwwwwwlllllllyyyyyyyyyyyyyy, why the massive deacceleration? One ironic thing about the movie is this, when the enormous 50 foot model was built, the leader of the team responsible for its construction was justly proud, and for good reason. When built it was finished as the ship as built, because originally the film would feature the sinking, but that footage was cut out to cut the time down. When the ship was weathered and damaged for the "sunk" Titanic, the movie folks bought an old liner to play the part of the raised Titanic, with a few cosmetic modifications. This old Italian liner had two mast things next to the main fore mast, and so when the model makers weren't looking, they added these to the model! The guy who built it was absolutely furious! I am a Titanic enthusiast who knows a fair bit about the Titanic story, and so watching the Titanic break surface was magic, its like a dream come true! Alas though, it is impossible in reality. And its more magical with it sunk! Bring the Titanic back to the surface and the legend becomes reality, and nobody will care after 10 years or so.
Watch it for a laugh, and the raising, but be prepared for a few unanswered questions, and a poor ending, which seems to try and end the film as quickly as possible. I recommend watching, then reading the book, which is very good, so that all the questions you raise can be answered.