There are lots of things you can nit-pick about: Leonardo DiCaprio's (Jack's) thoroughly anachronistic behaviours and expressions; the predictable love story; the stereotypical characters (spoiled arrogant rich guy, devil-may-care salt-of-the-earth American youth; the crass nuveau riche American, and on and on); the obvious biases the writer/director has regarding the classes on board (I suspect that Canadian writer/director James Cameron's sentiments may have taken up US citizenship); even some minor technical glitches in the computer generated imagery.
But none of that matters a bit. Titanic easily transcends its little flaws. I was enthralled from beginning to end. In spite of myself, I admit to being hooked by the central love story of Rose (Kate Winslett) and Jack. As obvious and contrived as this plot line was, it complemented the ship's story perfectly: a big, bold, exuberant, sad, grand tragedy. The ship, and its story, are convincingly realized in fine detail, especially in the horror of the sinking. The technical movie wizardry is brilliant, but used wisely. For once, big special effects are used to tell a story, instead of in place of it. The 3+ hours passed quickly for me.
Although there is nothing really to compare it with, Titanic reminds me in a way of 2001, Lawrence of Arabia, and Apocalypse Now. Like those movies, it forcefully yanks you into its story and setting, where it compels you to be helpless observer of its long, vivid, harrowing dream. I suspect, like those other movies, it will continue to haunt long after the credits roll.
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