I went to see this film while my wife was at the ballet. I don't watch many Bollywood films, and usually the lighter kind, so I was coming to this film with almost no context. Also, to me, this was a foreign language, subtitled film so I missed any subtleties of language.
I really liked it. It was a true epic, wonderfully staged with seamless CGI and a consistent mellow look and feel to it. The leads (and lots of others) were really handsome/beautiful, and excellent actors. The dancing and singing was great and the story was well told. The costumes were sumptuous - Mughal miniatures come to life.
To an Australian this was of course an exotic film, so although it was slow there was always something to be looking at and wondering about. On the con side, the Hindu / Moslem theme was hammered home rather obviously, the Brahmin priests were one-dimensionally nasty, and (apart from one boatman) everything took place in a idyllic palace bubble - punctuated by a few battles.
However I would recommend this to anyone who wants to enjoy an epic cinematic experience Indian-style.