I watched it today. It was enjoyable. Nothing great, nothing fantastic, just enjoyable. A bit on the predictable side.
I must agree with Pizzaboy about Alec Baldwin. He plays the role of a Brooklyn mobster shockingly well.
Freddie Prince Jr. is ok. At times he tries a bit too hard with his Brooklynese. It seems to come and go throughout the movie. He wasn't horrible, but just ok.
For me Scott Caan steals the show. He does an excellent job portraying the typical Brooklyn wannabe gangster. His motions, his accent and his style are right on the money. The apple doesn't fall far from the tree acting wise.
As for the writing, well I thought that so much more could have been done with the movie. It had a lot of potential and at certain points it's as though it seems that something interesting is about to happen, but it doesn't. And growing up in Brooklyn myself, I can honestly say that there are things in the movie that are dead on about the people, the neighborhood and the borough itself. But there are other things that while maybe not important to the average viewer, were a bit misrepresented to a Brooklynite such as myself; The Hamilton House is portrayed as being a Diner in this movie, but in truth it was one of the top notch restaurants of it's era back then. And what's with them having the boys go to L&B Spumoni Gardens to eat only to show them sitting there eating hot dogs? Again not really a big deal, but bothersome to me.
Overall the movie is enjoyable as it's basically a good story about good friends. For anyone into gangster movies it's definitely worth a viewing. But it doesn't live up to it's potential. It kind of just misses being a very good movie and instead winds up being an OK movie.
With a little bit more imagination, it coulda been a contender.