I'm glad I rented this movie for one reason: its shortcomings made me want to read Allende's book and get the full story.
Pros: the movie is beautiful, the period is depicted well and consistently (to the best of my knowledge), and Meryl and Glenn do good jobs.
Cons: This is the worst acting job I've ever seen from Jeremy Irons--I kept wondering if something was wrong with his mouth. (And I hate the terribly English way he says "Transito.") Winona Ryder does nothing believable except look young and idealistic. Most of the other performances are OK, but so few things hang together in the character arcs and the relationship development that I was frustrated and angry well before the end.
I'm very curious now whether this movie is typical of Bille August's work. I may have to drop another couple of bucks to rent Smilla's Sense of Snow.