Steve Greydanus gives a review of "Elizabeth - The Golden Age" that I expected, seeing the trailers. Greydanus calls it, aptly, a "Christopher Hitchens vision of history." If that isn't enough warning, Hilaire Belloc reminds readers that the queen's speech before and review of the troops at Tilbury --- as she rides in armor and tremulous tones of bravery --- was actually given after all English encounters with the Spanish armada, not before as the movie purports [HTRH, 243].
For another review, see Roger Ebert’s review. In it, Ebert asks, "Can there be a third Elizabeth film? Of course there can ... With the same cavalier attitude to history as this second film, we could be talking about 'Elizabeth and Shakespeare in Love.'"