I liked this movie alot, it had great direction, acting, music and action. Of course its sad that the only way the West can see a movie about another culture is by sticking an American in the main role, but thats to be expected, Hollywood doesnt have alot of imagination or guts left in it these days. I didnt used to like Tom Cruise, but ever since seeing him in Magnolia I've respected him for taking daring roles, he's ok in my opinion.
Now, if you want to see two even better Samurai films, that are more historically accurate than The Last Samurai, then I point you in the direction of recent Japanese films: Twilight Samurai, and When The Last Sword Is Drawn. Both movies were just awesome in the protrayal of the Samurai era and both tend you make you misty eyed in the last half hour (especially Last Sword).