I love Chicago the musical, am obsessed with Bob Fosse, think Gwen Verdon was the greatest triple threat Broadway has ever had, love Kander and Ebb's score, loved the Brechtian and vaudeville style of the original production (and the revival which minimized it somewhat), etc. I defended the film version's win at the time because I loved the source material so much and I honestly wasn't too hot on the other nominees for Best Picture that year.
Now, though, this movie really was not really great cinema. I think it was a clever adaptation of a musical that is seriously difficult to translate on film (so much of what makes it work is due to it being live) and I think they did an all-around good job. However, this is not one of the best movie musical adaptations filmed. I hated Moulin Rouge and still do, but even I see how much more cinematic that was compared to this. I also am now a bit less forgiving of the above-average but not great performances here as well. I never bought CJZ as Velma. I felt her singing was a bit odd as was her manner of speech and didn't think her dancing was that great. Maybe it would have been if the choreography wasn't dumbed down (even moreso than the current Broadway revival was compared to Fosse's original choreography in 1975) and cut and edited to the point where we can even ascertain the choreography. I liked Zellweger's Roxie but after seeing the show live a few times, I realized she really just did a good job as she, as an actress, does not really elevate the material. Richard Gere has no charisma or personality in this role whatsoever. Queen Latifah was great but her rendition of "When You're Good to Mama" pales in comparison to other versions I've heard. I actually thought John C. Rielly gave probably the best performance on the film but even he was directed to be a bit too "aw shucks".
I agree with you that Spirited Away was one of the best films that year and was probably my personal pick for Best Picture. I think Spirited Away, Adaptation, Far From Heaven, About a Boy, Y Tu Mama Tambien, and About Schmidt were better films that year. Funny enough, none of them were nominated for Best Picture.
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