While it's not a truly bad movie, I never felt the actors inhabited their roles. However, the attention to period detail were consistent and should be noticed come award season. The costume and set design were fabulous and truly captured the essence of that era.
The major downfall of this film is Robert Pattinson's sheer lack of dramatic talent. While the ladies may think he's easy on the eyes, he unfortunately cannot carry a lead dramatic role like this. He has neither the chops or emotional depth to tackle such a role. Witherspoon's performance is another failure in a long line of misses. Ever since Walk the Line, she's made nothing of quality. Christoph Waltz, on the other hand, steals the show with another evil turn as a villainous circus leader.
People that love animals make have a hard time watching this movie. There are several scenes that feature brutal violence directed at innocent circus animals.
This is not a terrible film and there are some strong points. I would suggest it, but don't expect anything grand.