Well I've seen it and here's my take.
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Spoilers
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This is a brutal, brutal movie. Do not see this movie if you are at all weak of stomach or have issues with violence. And for God's sake (I mean that quite literally) DO NOT allow children to see this. That said I'd say about 80% of the violence served a purpose. Scourging and crucifixion are not nice things and it is a sobering dose of reality. But it realy did go too far at several points. This movie is an ordeal to sit through, the weakness and exhaustion from it have just finally left me.
However this movie is in my personal opinion not anti-Semetic in the least. There are numerous sympathetic Jewish characters, and the crowds are clearly being incited to violence. As positive Jewish figures you have Simon of Cyrene (the man who helps Jesus carry the cross), the weeping tormented people who look on along with the mockers, a pretty even split, probably more weighted on the mourners on the walk to the crucifixion. And of coursde there is Mary, Mary Magdalane, and John. The Roman soldiers are with few exception vicious and almost bestial even shaming their officers and sickening many. No concerns about any rational person walking away from this film blaming the Jews.
Accuracy. A fair bit is added to the account in the gospels, much of it beneficial to the story but a lot of it can be guessed at coming from that 19th Century nun. The personification of Satan was largely effective though certain points annoyed me (there's one point right after Jesus death which was gratuitous and I really wished wasn't there). Basically used to make subtle points blindingly clear. The most glaring inaccuracy was teh trial before the Sanheidrin (the council of priests). In the gospels it is a private affair at the High Priest Ciaphas' house, in the Passion it's a public spectacle. Pilate is handled well and while a tad bit too sympathetic, he is presented as man in a no win situation (whatever he does people will be pissed and he can't afford another rebillion which will make the emperor will be very unhappy - true to histopry that one, Pilate was reprimanded for all the trouble in Judea -and his excessive brutality - and eventually removed) as he should be. Judas gets taunted and harassed by demonic children... disturbing and uneccessary. But overall not too bad.
In the end a compelling if somewhat flawed creation. You cannot help but be moved if only for the tragedy. Mary is truly heartbreaking as a mother losing her son and there are many very moving moments (the one involving the thief who accepts Jesus while being crucified was particularly powerful for me, but the moment was tainted by having the scornful thief immediately after have his eye torn out by a crow - not something I was please with). There are just enough flash back moments of Jesus with his disciples his mother, and some key areas of teaching (love one another, love your enemies basically the big stuff) - I would have preferred more of this to give it more meaning and to be more accessible to non-belivers (the flash-back to the adultrous woman Jesus spares - you know the whole "ye who are without sin cast the first stone" thing - would mean nothing to anyone not familiar with that story and it's details as only a little bit is shown which explains little). But again overall very compelling and powerful. A film more for insiders, and those who know the gospels somewhat rather than people who know nothing. Again I'd have cut about 20% of the gore and some of the added on material, in favour of showing more of Jesus teaching. Good but flawed. I found it useful for me to see, but not for everyone. Very compelling. You'll cry buckets unless you're a robot. Draining but rewarding.
Conspiracy theories abound..and wasn't he in a movie w/ that title? 
