It’s a fine half-adaptation, but suffers from the compromise it makes.
On the one hand, it is not simply another adaptation of Shakespeare - it has the advantages of taking a fresh look at the material, but for whatever reason still somehow carried across much of the fictional elements of Shakespeare’s plays. At the same time, whilst the writing is good, it lacks the poetry of a more straight adaptation (e.g. the Hollow Crown).
I do find the performances to be compelling, and in particular, find it interesting to see Henry V as a contemplative humanist rather than a victorious warlord. It’s an interesting idea (if perhaps ahistoric) and does perhaps act as a medication on more modern conflicts.
In particular, the film diverges significantly from Shakespeare’s plot significantly towards the end. It seems to try to this to change to modify the original 16th century propaganda of the play to a discussion of Realpolitik. This is a good idea in principle, but is somewhat undercut from having just watched an hour glorifying Henry.
It is also technically impressive - both the art and cinematography departments have outdone themselves - standards we have perhaps come to expect from Netflix productions.
On the whole, I admire the attempt to give a fresh take on the source material, but would rather they took inspiration from the history, rather than from a play written centuries after.