I thought it was brilliant, beautifully made, impressive sets (they actually made a copy of Jerusalem in the deserts of Morocco) typical Ridley Scott with his great visuals.
The cast also has some good characters, Jeremy Irons and Liam Neeson are the best IMO, but even Bloom seems to have become more mature, he even looks a bit like, you know, a man now.
The film is fairly accurate to what actually took place, the main character of Balian (Bloom) and his life before the events in Outremer is heavily altered though, but nowhere near the extremes of what could be seen in films like Troy or King Arthur.
-Minor spoiler, sorta-
Also, as a funny fact to what's been the topic of discussion on this forum of late, the film is fairly anti-religious, and anti-war. It promotes an idea of a Kingdom that could have both jews, muslims and christians coexisting (The Kingdom of Jerusalem), and how blinded those who fanatically worship a deity really are.
In short, I'd say this movie is made to promote tolerance. Highly recommended. ^_^
PS. There's two Danes in this movie, one of them is a fanatical Templar Master whose standard line throughout the movie is "GOD WILLS IT!" :D