As is expected from Guillermo del Toro, this is an interesting one. The universal positive here is the acting. Bradley Cooper and Rooney Mara are both excellent, as is the entire ensemble, with Toni Collette, Willem Dafoe, and David Strathairn being the standouts. Cate Blanchett was perhaps the only one who I was less on board with, but I think that has more to do with the writing than with her performance.

As far as the story goes, this film is divided into two very distinct segments: (1) Stan's life with the carnival; and (2) Stan's life with Molly in the city. For me this structure resulted in what felt like a pacing issue. After moving very quickly through the first segment, with numerous time jumps keeping things progressing, things seemed to slow down in the second segment. This might have to do with the fact that the story narrows significantly. The opening segment was more slice of life; establishing the setting, the characters, and their relationships. Character driven rather than plot driven. The second segment flips this around and becomes very plot focused. I can't help but compare the two segments and unfortunately the second doesn't quite deliver on the promise of the first. Character reversals and reveals felt rushed or unearned (e.g. [spoiler]Cate Blanchett's final scene in particular felt very contrived[/spoiler]) and the main conflict itself felt somewhat half baked. At the heart of the story is also the phony mentalism, which started to wear thin for me, as it doesn't exactly make for exciting cinematic material and starts to strain my suspension of disbelief. Luckily, even some of these questionable elements are largely saved by the fact that everything else about the film is so damn good, including not only the aforementioned acting, but also the stellar costumes, set design, directing, dialogue, and pretty much everything else that goes into filmmaking. And beyond that, the movie is also able to steer itself into an appropriately nightmarish ending, tying back to all of the great groundwork from the opening section. [spoiler]I found it quite appropriate that Willem Dafoe's tremendous monologue about recruiting geeks would be the critical building block of the final scene. Plus Tim Blake Nelson does an excellent job in his brief cameo executing the devilish plan Dafoe outlined.[/spoiler]

As an aside, soon after finishing this film I learned that it was a remake of an apparently well reviewed 1947 film, which was in turn based on a 1946 novel. While I'm not normally one to watch two versions of the same story back to back, in this case I'm tempted to watch the original, as I'd be interested to see how this story was told back when it was more contemporary (the story takes place from the 1930s-1940s). The period piece elements of this film are so intentional and well realized that I can't help but wonder if the original would feel a bit bland in comparison, as the setting/era might be less of a focus.