My guide for the quality of the a movie is if I'm still thinking about it after leaving the theater. I'm still thinking about this one the next day, which doesn't happen often.
The scenery (a reasonable guess for 16th century Italy), costumes, lighting, cinematography are all excellent. It is a beautiful film visually.
Characters can never rise above the script they must recite, but these actors made the most of their material, which is excellent. This is one of Shakespeare's best plays, which people will still enjoy another 400 years down the road. All of the principals were interesting and enjoyable.
Those who say this is anti-semitic must be deaf and blind. If anything, it is anti-Venitian-16th-century-Catholic. While Shylock plays a man controlled and tortured by the hurts he has suffered, it is clear that the society in which he lives is largely to blame. The script clearly places his personal responsibility where it belongs, as well.
A great film.