The Brits have an odd celebration on the fifth of November called Guy Fawkes Night (alternatively known as Bonfire Night), which commemorates the so-called Gunpowder Plot in 1605, a failed attempt to blow up Parliament and assassinate King James I. Fawkes and his co-conspirators were thwarted, executed for treason and attempted murder, but his legacy lives on through what some describe as the British equivalent to Independence Day in America.

For most, Guy Fawkes Night is an excuse for fireworks, serving as a testament to the defeat of terrorism. Others, however, feel it celebrates terrorism, and more cynical celebrants view Fawkes as a hero and excuse for doing away with politicians; the public even voted the man into the BBC's 2002 list of the 100 Greatest Britons. Four centuries later, V for Vendetta seems poised to cause a similar stir of mixed reactions—an impressive fireworks display with anti-government sentiments.

Natalie Portman as Evey

The film's story takes place roughly twenty years from now. Britain has transformed from monarchy to a 1984-styled totalitarian regime led by Adam Sutler (John Hurt resembling Hitler). Society is ruled with an iron fist of fear. Art and self-expression are censored. Homosexuals, minorities, and Muslims are shipped off to internment camps. Nightly curfews are enforced by corrupt secret police. Even real butter is saved for the rich and elite.

But the social climate is changed dramatically on November 5, when a mysterious dark avenger wearing a Fawkes mask and going by the codename V (Hugo Weaving) introduces himself to the public through a bombing complete with fireworks and the "1812 Overture." The next day, V appears on a television broadcast, encouraging the people of Britain to rise up against their oppressors by joining him to witness the destruction of Parliament on Guy Fawkes Night the following year. In the months that follow, V begins to knock off various heads of state, while law enforcement—led by detective Finch (Stephen Rea)—attempt to uncover a pattern in the deaths that might lead to the vigilante's identity before the bomb threat is carried out.

Caught in the middle of all this is Evey (Natalie Portman), a young television production assistant rescued by V when police catch her outside past curfew. Turns out that Evey has a shady past of her own, and she soon finds herself a fugitive. After aiding V in turn when he raids her workplace, she's forced to seek refuge in his Shadow Gallery, an underground cultural repository filled with media and artifacts reclaimed from the government censors. Evey finds herself drawn to V's incredible charm, yet also fearful of his dark plans and slightly mad persona, unsure whether to trust his hospitality or to escape and foil his plans.

Evey experiences a few close shaves in the film, none closer than this one

Alan Moore wrote the original graphic novel in the '80s as a response to Margaret Thatcher conservatism, and in time it has become regarded as a classic. Ten years later, Andy and Larry Wachowski adapted it into a screenplay, only to get sidetracked with The Matrix trilogy before they could film it. Having temporarily satisfied their desire to direct, the Wachowskis handed the reigns to James McTeigue (their assistant director from The Matrix movies), content to oversee V for Vendetta as the film's producers.

It's all still very much from the makers of The Matrix, retaining some of the Wachowskis' famed visual flair while staying true to the spirit of the graphic novel. Moore had his name removed from the project, understandably wary of Hollywood after the poor adaptation of another of his works, The League of Extraordinary Gentlemen. But Moore should be proud of this one. The Wachowskis have made the story more cohesive by smoothing out some of the details and clarifying some of the more abstract themes, while also punching up the dialogue with more heart and humor. V and Evey share some wonderful exchanges together, and V's alliteration-heavy introduction is a nice touch that instantly reveals him as both appealing and unhinged.

The filmmakers also pull some strong performances from the leads. Portman shows impressive emotional range as always, fully committing herself to a role so clearly outlined in the source material—including the much-publicized onscreen head shaving. Weaving also pulls off a difficult part, forced to act behind a mask for most of the film, yet infusing the part with plenty of charisma through gestures and his melodious voice. And it's great to see Rea back in action, perfectly playing the skeptical, world-weary cop with sad eyes and patient demeanor.

Hugo Weaving as V, the man in the mask

What's most striking about V for Vendetta is how it favors thought-provoking dialogue and ideas over non-stop, sloppy action. For sure, there are some cool sequences, particularly a bloody slow-motion fight between V and a dozen soldiers that recalls the famed lobby scene from The Matrix. But like that film, this movie relies on a lot of explanation and pontification, primarily focused on the mystery of V's past and the nature of true freedom against the backdrop of political repression. Some sequences of dialogue resemble King Arthur's discussion of politics with Dennis in Monty Python and the Holy Grail (i.e., long, dry, and tiresome), but there are also flashes of wit and brilliance. This is a comic book film that is refreshingly intelligent, relying on poetry and literary dialogue for thrills as much villain-busting action.

Sadly, the movie also comes off as misguided. What are we to take from this story? Social injustice and denial of human rights are indeed wrong, but do the creators honestly believe that conservatism is the start of a short path to fascism? Are we really one step away from sending minorities and homosexuals off to death camps? Do they really believe democratic governments would covertly inflict a plague upon schoolchildren to incite fear and provide cause for militia rule? Apparently so, as the Wachowskis have added small references to wire-tapping, avian flu, "rendition," homeland security, and Abu Ghraib-styled black hoods to loosely connect the story to current events.

Especially frustrating are the numerous cheap shots at Christianity, clearly seen as part of the oppressive force. The motto of Sutler's government is, "Strength through unity, unity through faith," its symbol a modified crucifix. Sutler himself is described a man with deep religious convictions who rose to power with the iron fist of fear. At the film's start is a completely unsympathetic, rabid television pundit that's part Bill O'Reilly, part Pat Robertson, viscously blaming society's problems on godlessness and lack of religion. Oh, and then there's the timeworn cliché of the high-ranking official who also happens to be a pedophile priest who likes to play "confession" with little girls.

V kicks some Brit bum, but this isn't primarily an action film

We might all feel differently if Nazis really did have a stranglehold on our society, but is violent anarchy really the answer—correcting one extreme with another? V for Vendetta seems to be equating "terrorist" with "revolutionary," and despite some small attempts in the script intended to show V as morally ambiguous, the reality is that he's still depicted as the charming and sympathetic hero whose courageous actions we are to embrace at the film's end. It's surprising in this post-9/11 that the film actually tries to win over the audience by standing up for Muslim terrorists, defending the Koran, and instilling the belief that the destruction of an important building can serve as the catalyst for change.

It's unfortunate, because the film has much to admire and enjoy, but what could have been a meaningful parable about individual freedoms comes off as heavy-handed politicizing that doesn't quite add up. Though the film will earn its fans, many will go in expecting to be entertained by action, only to leave feeling vilified by thin propaganda. V for Vendetta may not exactly deliver what it advertises, but it does stay true to its title.