Billy Wilder's excellent 1970 film handles the whole subject of Sherlock Holmes from a refreshingly different angle. As the title suggests, the film is rather more concerned with characterisation than plot, which although entertaining and original, is hardly an adequate stage to show off Holmes' exceptional talents.
Instead, Wilder and Diamond start with the premise that "Watson's" stories for Strand Magazine were a little more lurid than the "reality" and use it to develop a more subtle characterisation than the "thinking machine" of the literary Holmes. Admittedly, the film probably concentrates on Holmes' celebrated cocaine habit more than it should, but all references are lifted straight from the book and in any case, Stephens does not dwell on it.
Stephens himself is quite simply excellent, giving Holmes' a depth of character not seen again until Jeremy Brett on the small screen. Stephens' performance leaves us with a slightly melancholy Holmes', a man who perhaps regrets that, unlike Watson, he has dedicated his life to pure reason and while the screenplay hints at Holmes' sexuality, Stephens deflects it masterfully, remaining ambivalent and gentile where a less accomplished actor would have been simply camp, and so uses the suggestion to wrap another layer of ambiguity about the character.
All in all, Wilder and Stephens combine to make a refreshingly accessible Holmes and the entertainment comes from the interplay of characters rather than pace of plot.