I checked this out on Friday. There's some parts I liked, and a lot of little things that made me cringe. On the plus side, the battles are fairly grand, and sometimes even clever in how they're presented. Some of the hand-to-hand swordplay is really groovy. What's frustrating is that it lacks a point of view. Even if you disagree with the motives of either side in the 10 year conflict (which is reduced to days in the movie) there isn't a clear protagonist in the movie. A bit of a mixed bag for me, I think. I'd call this a DVD rental.
I don't remember Homer's Iliad describing anyone performing Tekken-style flying leaps to defeat thier enemies. In the movie, Ohio-accented Achilles soars through the air (in slow motion no less) to stab his enemies in the jugular. They gave Brad Pitt a Super Combo Finishing Move.
Like you mentioned, there's also a few too many close calls with viewing of the Pitt's naughties.
"Joey, do you like movies about gladiators?"