Off-puttingly, Luhrmann's version has been widely panned by the critics; and I don't think he has made a really good film since Strictly Ballroom (no shame there - it's a hard act to follow), and what he might do to Fitzgerald's novella seemed in prospect analagous to Meatloaf being let loose on Dove Sono.
But funnily enough art does retain the occasional power to surprise, and I enjoyed The Great Gatsby very much.
Firstly, it doesn't pretend to be a faithful adaptation; rather a new version conceived in filmic terms.
Secondly, the acting is fantastic throughout - Carey Mulligan as Daisy bewitching and capricious; some bloke whose name escapes me playing her husband with just the right mix of nastiness, sexual potency and charm; Tobey Maguire is jejeune as Nick; and Leonardo DiCaprio brings just the right suggestion of fraudulence to his Gatsby .
Thirdly, it looks great, with the party scenes imagined and realised with tremendously exaggerated pizzaz.
Lastly, Gatsby does something so difficult to accomplish, either in literature or film - it shows us a relationship breaking down. Like most relationships, there isn't just one thing that kills Daisy and Gatsby's affair, but a succession of small circumstances. I found it utterly plausible.
There are as many potential versions of Fitzgerald's novella as there are readers. Get over it, critics. For all but the box tickers amongst you, Luhrmann's film is a thoroughly satisfying night out.