This is a well-crafted movie; it is sumptuous in its costumes and authentic in its settings (I think they used the actual water gate in The Tower), historical in the general sense but modern and clever in the details, to make an intrigue and a film that entertains. At our viewing (8 Dec 98) the projection of credits had a problem, so I failed to observe such detail as I otherwise might.
There are actors aplenty whom you may recognise; Geoffrey Rush plays (superbly, of course) the man clearly to bet on, the loyal, brilliant and ruthless henchman every modern ruler needs. Cate Blanchett as Elizabeth is excellent. I found it hard to think of anything but Sherlock Holmes, as his Watson (Edward Hardwicke) played out the role of a noble goofball, doomed by his adherence to his principles. Several other faces appear from various British roles of far less seriousness: try to cope with the seriousness when you recognise Elizabeth's dying older sister, even though the actress does a good job. John Guilgood does Pope with considered, rational, vicious subtlety, if briefly.
I think one of the movie's better aspects is the way `modern' ambassadorial dilemmas, golden handshakes and outrageous amoralities are worked into the plot to maintain the viewer's interest. There is a very decent amount of nastiness, but little gore. In one place someone is deprived of his life by having his throat slit, and he dies with far less mess and struggle than would be the case in reality; in another place some torture is depicted with much more imagination in the camerawork than the physical effects. There is even a goodly dash of James-Bondism, poisons and fatal seductions.
In the same fashion as the `Babe' movies, the origin of the movie is somewhat obscured, with English actors and settings and Australian actors and a very American regard for historical accuracy blend into something that can be expected to sell in all three countries. (It is an Australian-English collaboration, I believe.)
I would give this 8/10.