Update: original rating was 3 stars. The director's cut improves the film drastically. This is the version that should be seen and not the pop-corn theatrical version that omits all the harsh and also beautiful scenes. Perhaps Wolfgang Petersen related the story too freely but nevertheless its very effective. One of the messages of the film, I guess, that Petersen wanted to send is that all warring sides are brutal and do atrocities, even ancient Greeks. It is a good epic about ancient events, at least that's all we have.
The sweeping action is as good as the individual battles, and single combat is exciting with every thrust and parry. Plus, we get to see examples of spear fighting, which is rare in the cinematic [ancient world / medieval] universe.
Now that it's been over 12 years, I think we're ready for the Odyssey. Just ask Penelope.