Recommended.
'The Last Samurai' features some very cool and entertaining battle sequences, which are shot excellently. The premise itself is attracting, it's acted out astutely by the noteworthy cast list. It probably lasts too long, but I never truly got a feeling of it dragging out though.
Tom Cruise is fantastic as Capt. Nathan Algren. It's no secret or surprise as we all know that guy can act, he adds a great deal to his character here; especially on the emotional side of things. As for what happens with Algren, it's all good even if the love interest parts are undercooked.
Ken Watanabe is splendid in the role of Katsumoto, while Masato Harada (Omura) and Timothy Spall (Graham) give positive performances. It's also nice to see Billy Connolly (Gant) and Scott Wilson (Swanbeck) appear. Hans Zimmer's score is, as presumed, grand. That would be one of a number of reasons why I'd say you should watch this.