I guess the biggest fault you can find in this film is that the story of E.T. is more likely to have been true than the love affair portrayed in 'Shakespeare in Love'. But as the film never once claims to be historically accurate, then I can't really complain about this and instead will take the film for what it is - a love story with a twist!
The story goes that William Shakespeare is having writer's block and needs inspiration to help write his next play (which will end up being Romeo & Juliet). While watching the auditions for the part of Romeo, Shakespeare is dazzled by the talent of one boy - who turns out to actually be the beautiful Viola De Lesseps who has auditioned under the disguise of a man as women were not allowed to be actors in Shakespeare's day. Here starts the love story between William and Viola, finally giving Shakespeare the inspiration he needs to write Romeo and Juliet.
The script is full of jokes and refernces that people who have studied Shakespeare will appreciate, but theres also plenty for the non-fans too to keep you occupied. Jospeh Fiennes did an OK job as Shakespeare but he was over-shadowed by not only Gwyneth Paltrow as Viola (I've never been a fan of Shakepeare but when she read his poems and speeches I fully understood the meaning of his words), and especially by Judi Dench as Queen Elizabeth. What I especially liked was the ending to the story, which was not what I had expected to finally happen (but I guess, is more true to Shakespeare's life).
A good film, but not great. I look forward to watching it again.