Elizabeth, The Golden Age

It's hard to understand why Elizabeth, the Golden Age falls flat. It has all the elements of a great movie: stunning visuals, costumes and scenes, a fantastic actress in Cate Blanchett, a great story, a studly dude Clive Owen as Sir Walter Raleigh. Still, it's just kind of boring. I loved the first Elizabeth with Cate Blanchett -- she's such a great Elizabeth. So where did it go wrong?