I saw it last Friday on opening day. I did enjoy up, and thought it lived up to the hype in many ways. What I have been hearing today though, seems to be a bit much. Best movie of all time? Not sure I put it up that far.
While a batman movie, the star of the story is the joker. We do get a sub plot involving Harvey 'Two Face' Dent that is interesting, but clearly the story revolves around the joker, and Heath Ledger's performance.
This version if by far more darker and intense than the Jack Nicholson version. Nicholson's character was over the top. Ledger's version is more psychotic in its portrayal. He is pushing this morality play, trying to bring out the dark side in everyone. No material needs, its more about creating chaos. And its played well.
Unlike the Nicholson version, we don't really get a backstory for the character. He just is. The opening scene has the joker robbing a bank.
The visuals are much different than its predecessor, batman begins. The movie definitely portrays Chicago as Gotham City, not the virtual Gotham that has the futuristic trains running through it.
I recommend seeing it. But I don't see an oscar, unless its awarded as a tribute to Ledger. Most times an actor doesn't win for their best work, but more their most acclaimed. This may be one of those cases.