I saw this with my cousins today in 3D and I really enjoyed it. Visually it was a masterpiece, with each shot topping the last in terms of how it showed the ocean, the island, even the zoo in Pondicherry. The Cinematography win will be richly deserved even against competition as strong as The Master and Skyfall.
I also liked how the script pared down the thread of religion that runs through the book to fit a film while still keeping the essentials. I also liked how there were some humorous moments mixed in here and there (Pi's first attempt to " train" Richard Parker comes to mind) to keep the story from becoming too overbearing.
I thought that Khan and Sharma were very good. Khan especially had a tricky task of pulling of the voiceover narration without it feeling repetitive or redundant, he really infused it with the soulfulness required without being too heavy-handed. Sharma also was very convincing in how he portrayed Pi's growing bond and attachment to the tiger. Another highlight of his was his scene with the Japanese insurance men when he tells the to them; I had thought they would cut away and show flashbacks of that, but they instead trusted Sharma to carry it off entirely and he acquitted himself very well.
All in all a great movie experience, and Lee will be right there for my personal Best Director prize.