I caught this film a few years ago on Channel 4 (in England), and was quite taken with its story telling. One cannot but notice the stellar cast - Judi Dench, Maggie Smith, Joan Plowright, Lily Tomlin and, believe it or not, Cher. They, however, do not dominate the film, nor does it become a case of watching actors trying to out-act each other. Much more, each plays a gracious part to the other, allowing the story to come through.
The cinematography is excellent, with San Gimignano and Florence caught beautifully. The music score is supportive and well-written without drowning the scenes in emotion.
All in all, the film comes across as very 'English' (or rather, what 'English' once was) - balanced, gracious, never too much and always polite. If anything, the film is worth £7 just for Maggie Smith's line at the end.