Yeah, i've seen it. It was a good movie, but I've been too lazy to read the book, so i can't really compair it. I got a little bored after the first two hours, and i think i fell asleep after that, seeing as how i can't remember much of the end. It was very good, though it does have a lot in it about sex and lust.
Being a fan of Excalibur myself, I was a bit skeptical about watching this movie, because to-date, I have yet to see a movie as true to the legend of Arthur as Excalibur. While the story did stray a bit, because it is more from a female perspective, it was well written and directed, and I found myself actually becoming more interested in the progression of the plot as the movie went along. I need to watch this movie again soon because I think my skepticism made me ignore a lot of the beginning.