I think I'd give just about anything to see a restored version of this film, like "Touch of Evil."
Its reputation is quite justified, however, and the top critics of today have generally agreed that it's one of Welles' best efforts as director. Some have even said that, scene for scene, it's a better film than "Citizen Kane."
The opening montage, set to Welles' narration, is as good as anything of its kind that's been done before or after -- brilliantly, and I hate to use that word because it's so often overused, it achieves two things: 1) it sets up the dramatic side of the story, with Eugene's fawning for and losing the affections of Isabel, and 2) putting us in a specific, historical time and place. The story of George Minafer's downfall parallels the changing times of America during that time, as well as American aristocracy.
Then there's Agnes Moorehead, who does the most amazing work as Fanny Minafer, George's aunt. She's a pressure cooker to begin with, but when the Ambersons hit rock-bottom she lets go, in a torrential, hysterical performance that's still getting praise today.
"The Magnificent Ambersons" also carries an equally dramatic story of Hollywood's assault on artistic expression; almost everyone knows that RKO seized the film and cut it to pieces while Welles was out doing his documentary "It's All True." Today there's other ways for great directors (Kubrick, Altman) to dodge the system, but film stock and equipment in those days could only be procured from big studios, and for the remainder of Welles' career his genius would only be seen fleetingly (his adaptations of Shakespeare, Kafka's "The Trial"). It's a story as tragic as George Minafer's.
