I saw this on Tubi in the US, in an apparently much edited version, as one long movie. Other reviews talk about the prevalent sex & blood in it, that must have been cut out for this version. I suspect the original had a choppy look to it anyway, but the result not only reduced any shock value but made it even choppier or more "modern" per 2004. The director seemed to want to do things differently than a standard history. Variations that could make a Brit angry matters less to a broader audience.
Part one featured Mary Queen of Scots taking over in Scotland 1561. The sets were disappointing but it should be noted that IRL, MQS was less than thrilled with her Scottish royal accommodations after her raising in France. Characters were believable. Complaints about actor accents in period pieces are easy to set aside because IRL English royals mostly used French anyway.
This part had very little to do with the main half, except to take the story straight to the grown-up version of what MQS worked so hard to create, James 6+1, first king of combined Brits.
Part two has a new cast and shows religious strife around 1605. Minor characters make their cases straight to the camera, relieving us of time spent with their backstories... I'll take this exposition method. We learn the events creating the Guy Faukes UK holiday. As for the odd title:
"English Folk Verse:
Remember, remember!
The fifth of November,
The Gunpowder treason and plot;
I know of no reason
Why the Gunpowder treason
Should ever be forgot!"