If you suspend your need for believable characters, this film does have moments that take you to another world where good and evil are at odds and how one man, Prince Siddharta (Keanu Reeves), deals with the inner demons that reside within us all.
The scenes in which you learn about the life of Prince Siddharta are beautifully done. We get a Buddhist primer of sorts, and learn about the trials that Prince Siddharta had to go through on his quest for enlightenment.
As for the rest of the movie, well, it just dragged in a lot of places and the characters just were not all that believable.
If you know little or nothing about Tibetan Buddhism and would like to get a sense of it without getting into heavy dogma and spiritual practice, this movie is a nice intro.