What a brutal and gritty movie. Length doesn't bother me as it does some people. Those people tend to review a movie poorly based upon it being longer than they'd prefer. I think this is ignorant. Some stories are longer than others. Deal with it.
It's important to mention Daniel Day Lewis' performance right away. It was absolutely brilliant. I don't recall who won Best Actor, but he should have won it hands down. DiCaprio held his own too. Great performances all around.
Sets, costumes, music, and special f/x are all top notch. A lot of money was put into this film, and you can see it. It's an epic not to be missed, even if it makes you a touch depressed and sad at the state of things back in the day. I suppose people of a future time will look back upon our day with similar thoughts.