I disliked it and thought it sent a misleading message. It Japan had not modernized, it would have been ripe the type of Western influence that China dealt with in the late 19th and early 20th century. This is not to say that Japan's modernization ended up having partially leading to certain rather major negative events in the future (the overthrow of democracy and the rise of a militarized Japan), however the film view of the samurai rebellion (in reality an aristocratic class trying to protect their positions) was highly naive.
Also pathetic, but entirely predictable was the need to cast an American (as well need for an entire American West/Americans Indian subplot) in a story about such a significant event in Japanese history. Admittedly this was on the idea that Americans film-goers wouldn't go and see a film with an Japanese cast and Japanese subtitles. Still, not only was the many of the facts presented in the film misleading or inaccurate, the studio apparently didn't realize that Tom Cruise's star has departed him, at least to the degree that he isn't deserving the pay-checks that he once was.
To be fair, the cinematography (with attractive landscapes, and locations), and music of the film were nice, and the acting was generally competent. This partially made up for a weak script, cliche-filled story, and boring battles. But hence this is just my opinion.
**/**** to the best of memory.