A sequel to the 1998 Oscar nominated film, ETGA has Cate Blanchett and Geoffrey Rush recapitulate their roles as the titular Queen, and her spymaster Francis Wallingham, and also has Clive Owen as (Sir) Walter Raleigh.
Elizabeth picks up a few years after the first movie, and tells the story of Elizabeth's dealings with the Spanish, culminating with the launch of their Armada, and the dashing Sir Walter Raleigh (Clive Owen, in a meaty role).
The movie is sumptuous, with costuming that is a notch or two above what we saw in the previous film. The movie could be watched solely for the costume changes Elizabeth and her court undergo as the movie progresses. The cinematography, when it stays in and around the Court is excellent, wonderful, and like its predecessor, gives an excellent view of what 16th century palace life is like. The acting is decent, although I think Blanchett and Rush don't do quite as well as they did in the original. Owen, though, plays Raleigh as much more of a swashbuckler than Raleigh was in real life, and he is clearly having fun on screen.
The history as seen in the movie definitely distorts events to cinematic advantage. Some of the events happened, although things are changed and condensed for dramatic effect. Raleigh was NOT the hero of the battle against the Spanish Armada in real life, although his relationship with Bess Throckmorton really did happen. There is the slightest mention of Francis Drake in the film, in a throwaway line during the battle. I didn't think the cinematography of the naval battle was as good as at the Palace. Perhaps I have been spoiled by "Master and Commander", or the Pirates of the Caribbean movies.
While I was entertained by the Golden Age, I don't think it reaches the heights of the first film. I can see the movie straining toward greatness, but in the end, its merely a pretty good film.