I think what I admire most about Sky Captain and the World of the Tomorrow isn’t the new application of technology to make a whole movie — it was scope of the thing. The writer/director made game attempt to include every major type of Pulp action type in the movie… adventuring, G-8 style aeronautic heroes, Lost Worlds, robots, mad scientist experiements, ray guns and rocketships, and of course the plucky reporter. I’m sure there are others I didn’t mention, but that’s my point.
Speaking to the technology, I’d say there were places it got in the way of the actor’s timing a bit, and tended to make some of the deliveries a little stiff, but there was a lot of potentially impressive and exciting stuff there.
Did I like it? I love Pulp stuff… of course I liked it.
Is it fine theatre? It’s as much fine theatre as pulp magazines were fine literature; lots of fluff with the occasional diamond hiding in the cruft (to mangle a cliche), but still filled with love of the genre and vaguely glowing and soft-focus, like your own reader’s imagination.