See it! It's an "excellent notion" to quote the movie itself!

I immediately fell in love with this movie when I saw it the first time. The award winning (just about every award, Oscar, BSFC, BFCA, Golden Globe & more!) screenplay by Emma Thompson is absolutely perfect! She truly did a masterful job & was worthy of all the praise & recognition she received. I also felt it was perfectly cast.

The story is taken from the Jane Austen novel of the same name. The story revolves around the Dashwood sisters. The recently widowed Mrs. Dashwood (Gemma Jones), Miss Elinor Dashwood (Emma Thompson), Miss Marianne (Kate Winslet, pre-Titanic frenzy), and "Captain Margaret" (Emilie Francois).

Mrs. Dashwood is the recent widower who is basically being kicked out of her home by her stepson & his greedy wife (played to perfection by Harriet Walter). The movie's tone is set after the dying husband & father extracts a promise from his son not to forget the women. He promises. During the credits, we hear a varied exchange between him & his wife where he goes from 3000 pounds to 1500 to 100/year to oh, "25 pounds now & then ought to discharge my promise." When he wife says that she's sure his father had no idea of actually giving them MONEY!
I went into detail with that because I thought that Emma Thompson's screenplay found the perfect balance between the humor of the situations and the sincerity as well. It also brings to light that people and their weakness haven't changed much through time!

So Fanny & John Dashwood descend upon the Dashwood sisters to claim their new home, because houses go from father to son- not father to daughter as Elinor remarks. They are looking for a new place when Fanny's brother, Edward Ferrars (Hugh Grant) arrives. Elinor and he form an "attachment" and fall in love.
In one scene, Marianne comments on his reserve- wondering if the heart can really be satisfied with such polite affections? Her mother says that his reserve suits Elinor. Marianne suggests that to love is to burn with passion, like so many famous women of literature that met with pathetic ends (such as death & dishonor) and her mother say that may be taking romantic sensibilities a bit too far!
When Fanny brazenly makes it clear to Mrs. Dashwood that any relationship between Elinor and Edward would NOT be welcome, they move to a cottage offered by Mrs. Dashwood's cousin, Sir John Middleton and his mother-in-law, Mrs. Jennings.
They, unlike the custom of the time, do not refrain from saying what is on their minds. But the frankness of Sir Middleton & Mrs. Jennings is a welcome breath of fresh air- even if they can be a bit tiresome at times.

There they meet Col. Brandon (Alan Rickman) who is quite taken with Marianne. But even though they share a friendship, she seems not to be drawn to him in the romantic sense of the word.

Marianne & Margaret are taking a rainy stroll when Marianne twists her ankle and Mr. John Willoughby (Greg Wise) the dashing gentleman of a nearby estate, happens to be her unlikely savior, taking her back to the cottage safely.
She is immediately attracted to his outer & inner presence. (apparently so was Emma Thompson, who now has a child with him, Gaia Romilly Wise).
With total abandon, Marianne falls head over heels and goes way past the days usual custom of restraint. When he later abandons her without apparent reason, she is heartbroken. She later finds out he has left her for Miss Grey who has 50,000 pounds, in contrast with Marianne's poverty. About the same time, Elinor finds out from Miss Lucy Steele that she has been secretly engaged these past 5 years to Mr. Edward Ferrars! She says nothing & promises to keep Lucy's secret, despite how shocked and disappointed she is.
The two women, basically heartbroken, return home from London to await their fates.
I don't want to give away the ending, because if you haven't seen it, or read the book, the ending will surprise you.

The main thing that I enjoyed about this movie, besides a wonderfully entertaining screenplay, was the acting.
Thompson is perfect as the serious, sensible Elinor. The few times she does show her emotions, it is even more profound because of her restraint.

Kate Winslet is also wonderful as the spirited Marianne. She is absolutely glowing and irrepressible. Even her sweet singing seems perfect for her part. Her's is the voice of sweetness and youthful joy- not yet restrained or hurt by the trials of life.

Hugh Grant is also well cast as a quiet man, wanting a simple life. His awkward, bumbling handsomeness is perfect for this part. I think he is attracted to Elinor's strength and tenacity.

The rest of the cast is great too, with special kudos to Elizabeth Spriggs as Mrs. Jennings. The matchmaker of this little movie, who says that she will have Elinor, Marianne & Lucy married before you know it - and she makes good on it too!

Ang Lee's direction is seamless. It's almost like you aren't even aware of any direction, which is perhaps the best kind. It feels like you are just watching real people- not acting, not stagy. It is to his credit that the people & emotions feel so real.
The music by Patrick Doyle is also very sweet and appropriate. I felt it really matched the mood of the movie- as did the Cinematography, which was also quite lovely to watch. This is an all around beautiful film.

I have read some reviewers that think this kind of story no longer has any relevance, but I was able to relate it to myself because I can tell you from personal experience that all passion, and no sensibility can lead to heartbreak and despair. There is a relevant point to be learned from this entertaining story.
We can all learn from Elinor and Jane Austen- There is a time for passion and a time for Sense and Sensibility- and ANY time is a good time for watching this movie!