I just finished watching this movie, and I must say, it was even better than I expected. I have not yet read the book, but fortunately that wasn't necessary to understand and enjoy the film.
What carried the whole thing for me was the incredible performances of the leading actors. Usually with this sort of movie (i.e. one derived from a book, especially a classic such as this) there is a sense of disconnect, a dissonance between the modern world and that portrayed onscreen, and for a while it was difficult to see the actors as the people they portrayed, but in spite of myself I was drawn in. It seems slightly slow at the start, but let it unravel and it will startle you with the way it manages to pull at your heartstrings.
Unfortunately the predictability of the ending was a slight disappointment – however, by the time it came to that point I was wishing fiercely that it would turn out differently than I expected, so that has to tell you something. Wonderful characters, a moving plot and utterly breathtaking scenery. Definitely a must-watch.