Not bad... for a Western.
Quentin Tarantino and I, we probably won't ever become the biggest buddies, we've never been. We just don't share his love for B-movies and their most famous genres (martial arts, spaghetti western, exploitation,...).
I like his work as a screenwriter though. The way he composes pop cultural fueled discussions about various subjects that have never been discussed in film before. And, most of his film are bloody fun, literally.
In Django Unchained, Tarantino created a homage to spaghetti western with a pinch of blaxploitation. It's violent and gory and hilariously funny.
Although I missed the pop references (due to the period setting), and the dialogue was generally below Tarantino-standards, but especially Waltz was provided with numerous awesome monologues and there are also quite a few memorable one-liners.
In this case, it even helped that Tarantino mixes up genres, thus it wasn't too western-like and so, I could appreciate it.
What really made it work though, was the work of Christoph Waltz, Leonardo DiCaprio and the rest of the cast.
I can't explain why Waltz has been awarded for his supporting work all award season long because he definitely plays the second lead alongside Jamie Foxx but anyways, he's by far the best thing about the movie.
Merely, I have seen an actor that fits the character and the film universe of a certain filmmaker as well as Waltz. His Dr. King Schultz is actually completely over-the-top, but in Tarantino-verse it all makes sense.
DiCaprio on the other hand, plays a plantation owner. In a role, I've been waiting a long time to see him. He's a suave villain and utterly effective. His black nigger-hating house slave Stephen (Samuel L. Jackson) is a similar kind of guy to Schultz - he's completely over the top but fits the film universe of QT perfectly.
These performances make me even forget the overlong runtime.
Great performances, nice dialogue, fun soundtrack (fits the Tarantino-verse, although you could discuss the way he used modern songs - from pop to hip-hop - in this setting), annoying B-movie references, lots of violence and a subject matter which is important but is handled with too little earnestness and thus lost in the blood and violence.