Ang Lee's best
I think "Lust, Caution" is Ang Lee's best film to date, keeping in mind I have also watched "Sense and Sensibility," "Crouching Tiger, Hidden Dragon," and "Brokeback Mountain."
It took a second viewing for me to decide this. The first time around, I got all the surface stuff, but it wasn't until I watched it again that the complexity of Wong Chai Chi and Yee's love for each other really hit me. Yes, they both loved each other--that I realized upon the first viewing. But seeing it again helped me understand why. And when I understood, the film became vastly more powerful. A harrowing experience! The scenes of intimacy (it short-changes them to merely call them sex scenes) were intensely beautiful, intensely sad, and yet at the same time hard to watch.
Ang Lee has a lot of emotion and compassion in him. It really shows in all his films, but in this one most acutely.
Proud member of SHREWS (Society for the Honor Required of Eyes Wide Shut)