No, no, no. I normally agree with most of what MovieBob says, but this time, no.
First: Public Enemies is literally unwatchable. The hand-held camera moves around so much for virtually the entire movie that I could not associate characters with faces, or truly see what was going on in some action scenes. Whenever gun flares or camera flashes are on the screen, the entire visual starts flashing white as if to induce an epileptic seizure. By the end of the movie, my eyes literally hurt from trying to stabilize a perspective so that I can see who's saying what. Apart from Christian Bale and Johnny Depp, I found myself hard-pressed to recognize any facial characteristics of most of the other actors.
Second: The script is actually pretty shitty. I don't know where MovieBob got the notion that Michael Mann injects brains into his movies anyway. His only good movie was Collateral. In Public Enemies, I did not know what was going on half of the time. I understand the underlying message is about a man struggling to keep up with a changing world and his adaptable adversaries, the FBI, but the "formation of the FBI" was really just a scene where one administrator gets his ass handed to him in court, and another where Bale's character explains to some policemen how the "Bureau" will catch Dillinger. The love interest was there for the first 45 minutes and then disappears for most of the movie. It seemed as though Johnny Depp's character fell in love with her because he just felt like it, making the whole relationship a token notion that such a gangster must have been a chivalrous, romantic man. In the end, when his message reaches her, it's some vague meme between the two of them that has no relevance to the audience, because it was an undeveloped relationship. Christian Bale, supposedly a co-star, is in the actual film for about 20 minutes total, and we know nothing about his background, nor do we see any development or change in his character at all. He's just another law-enforcer.
Third: This deserves its own category because it is so stupid it reminded me of the Happening. There's a scene where Dillinger walks right into a police station, because his sun-glasses are just enough to hide the face of "public enemy #1." While in the police station, he sees a door that says "Investigation Bureau - Dillinger Squad," and strolls right the fuck in. So, he's walking around in a room full of his own pictures and those of his associates, and the works. As he explores this alcove, he walks into a group of cops that were listening to a radio relay of some game. He asks for the score. They tell him the score. He walks right the fuck out. So, to recap, the cops that were literally on Dillinger's case for years, looking at his pictures and studying everything about him, did not recognize him when he walks right in to the fucking room they were in. That is stupidity that belongs in an Ed Wood movie. There was absolutely no relevance to that scene whatsoever, and it did the movie harm. What the fuck was Michael Mann thinking?
What was good about the movie:
Production - I felt like I was in the 1930's. Thoroughly appreciated the care that went into the costumes, accents, detail and setting.
Sound Design - I've never heard guns sound so good in a movie before. The shootout in the forest sounded like it was happening two rows down from my seat.
Dialogue - The characters, especially Johnny Depp's, were clever and sharp in speech. They all did a great job with their accents, which beefed up and romanticized everything they said. The court scene with Dillinger's Lawyer had a great monologue.
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Conclusion: crap. Avoid this movie.