Its a two hour movie, that appearantly had a lot of cuts to it. I liked it, but it lacked a certain...something...that its predecesor lacked.
The main focus of this movie was the relationship between Elizabeth and Sir Walter Reighleigh. I loved the acting...and the sets were awesome, I just think the script in this case needed a lot more work. As a viewer, I cared about Elizabeth the most, which is good because the movie was about her, but the villains in the story in this case were...almost cartoonish. Now, historically speaking some people act cartoonish, but it just didn't grok so well in this case.
I think the real problem was that the movie was just historically accurate to be mostly historically accurate, while not actually going far enough in completely hacking apart history to rearrange and arrange things to make the story better. Sometimes when making a dramatized occurance of history, you need to be willing to distort things a little bit more. I know that's supposed to be bad, but since we're telling a story, I personally think anything is fair game as long as you stay true to the original spirit of what happened.
I think the movie Asoka (A boliwood film on Jennifer's queue) does a far better job of this, while at the same time retaining an astonishing amount of the actual history on a figure that we know historically a lot less about.