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The early years of the life of Queen Elizabeth. She rises to power, apparently by the force of her own will. This is a true costume drama, and while very visually lavish, the story plods, and just stumbles until its own conclusion, which is before her true dominance in England.
Cate Blanchet definitely deserves the Oscar nomination for her role. There's a lot of things she has to get out as the young queen, and she does it well. The rest of the cast pretty much just supports her actions and they propel the story forward. Without Cate, this film would not get the notice it has.
I expect that since many films have chosen to portray Elizabeth when she was "at the top of her form", the producers chose to focus on the lesser-known early years. There's good material to work with, and some of what we see is quite engrossing, but there's just too much story, and not enough focus.
None today, thank you.