I'm torn on it. I am a HUGE Gilliam fan, and this to me feels like he kept a lot of the same sensibilities that went into Tideland and attempted to mesh them with his earlier work
There are loads of fantastic imagery here, but a lot of it feels like its being forced now, and doesn't feel as organic as it used to with Gilliam. Partly it's because he's wanted to go big and over the top and using CGI to get it, but without a budget to make a lot of it properly convincing. But also it's that the intention behind the fantastical imagery just rings false and contrived.
There is a lot of biblical allegory here, some it done in interesting ways, but a lot of it is so on-the-nose that it feels weird.
Overall I liked the movie but it's a shame that Gilliam feels the need to so haphazardly include what seems like every possible idea he has for it instead of weeding out the bad seeds. It starts out as a bit of an over-complicated mess, dragging early on, that oddly enough over time starts to dissipate enough layers off until the energy picks and sucked me in again in the second act. Then the third act comes around and everything convolutes again.
There are some good performances, most notably by Tom Waits, Christopher Plummer, and the extremely interesting-looking Lily Cole. Heath Ledger has some very bright moments, but overall his performance seemed stale to me, and the bits with his replacement actors (johnny Depp, Jude law, and Colin Ferrel) flew by so fast and were shadowed by the fact that they tried very hard to make them look and act like Ledger yet kept calling attention in the script to the fact that he looked different.
I would recommend this to people who are either hardcore Gilliam fans or are simply looking for something very out of the ordinary....but this is not for everyone.