Within two minutes of starting this movie it became clear that it was very well put together. Excellent cinematography and costume design.
I'm not sure exactly what it was that disappointed me so much. It could have been the lack of drama. I didn't feel like the plot escaladed to a climax. I understand that this is based on a true story, but it certainly could have been done in a more dramatic way; especially during certain parts of the chase.
The acting was excellent on all parts. In agreement with everyone else, Salma Hayek was a stand-out. However, I feel that Jared Leto (who plays Ray Fernandez) was miss-cast. I think that's the part that prevented me from enjoying this movie the most. I was excited to see this because I am a HUGE Jared Leto fan, and I've always loved the films he's been in, and he's always become one with his character (e.g. his role as Harry Goldfarb in Requiem for a Dream). Although his acting was excellent as always, I just couldn't buy it. As I watched his character evolve I felt more and more conflicted between the good-hearted vulnerability I felt from him (perhaps as a result of watching countless interviews of him), and the bad-hearted almost monster-like character he was meant to be portraying. I just couldn't buy him as a sleaze-bag . In Chapter 27 he portrayed a psychotic man so well you forgot it was Jared right from the get-go, so I know it wasn't his acting that got in the way.
On top of that, I felt that Leto and Hayek didn't make a good on-screen couple. He seemed small in comparison to her. This was a couple that worked together to lure in rich folks; I wanted them to seduce me. Instead I was repelled by them, even in the scenes where they are "sucking in" new prey. I felt that they looked, and even acted, awkward together.
In summary, heightened drama and a more befitting Ray Fernandez would have made this an excellent film.