This was not my favorite of the Wharton films (that would have to be The House of Mirth), but it certainly is the most lavish and dutiful adaption.
Mr. Scorcese does masterful camera work and evokes loving performances from all the performers, and yet I felt something staid and almost too respectful. Michelle Pfieffer seems to be the only actress who didn't fully embrace the period in manner or behaviour, but the rest of the performers aquit themselves wonderfully.
At times it almost felt a little 'modern', but one can't fault the film makers, they were only trying to update it a bit for their intended audience.
Altogether a wonderful film and definitely worth seeing, but - as always- the book remains far superior.