To quote A.O. Scott's fine NYT review:
All of this suggests a feast for antiquarian film geeks. It certainly is, and Mr. Hazanavicius’s skill in replicating some of the visual effects of early cinema is impressive. But he evokes the glamour and strangeness of silent movies without entirely capturing the full range of their power. His film is less a faithful reproduction than a tasteful updating, like a reconstituted classic roadster with a GPS device and a hybrid engine.Recommended.