I bought the soundtrack in India last month and fell in love with the music. And I finally saw the movie today........wow. I can't believe this is an Indian movie! Don't get me wrong, I love many Bollywood films, but let's face it, there's a formula. There's no formula in Raincoat. To explain in more detail: There's no dancing. Ashwarya looks pale and sullen not her usual drop-dead gorgeous. Most of the movie takes place in one room, so if feels like it was written as a play. And lastly, the pace and style seems very French in that the plot is deep and is revealed slowly.
Because an Indian film managed to do all this, I have to give it a 10. It's definitely in a league with great European films. But it's not better than great European films. The only weak point is Ajay Devgan's lack of expression in certain scenes. His dialogue reveals a man who is at times innocent and gullible, yet at other times he's an adroit liar. His facial expression only fit the latter. Annu Kapoor almost steals the movie away from him.
Ashwarya proves she can act in this film, and I applaud the director for giving her this role. Could any other young star have done any better? No. (But wouldn't Shabana Azmi have been magnificent?) See this movie if you love great films. Don't see it if you want to see a typical Bollywood film.