It's easy to accept Cate Blanchett as Queen of England. Whereas another actor would seem simply dressed-up, and uncomfortable, Blanchett is regal without effort while maintaining a believable humanity; she portrays a character who is every inch a queen yet still a woman with all her attendant foibles.
(Well, on second thought, Blanchett doesn't portray as much as she inhabits -- let's be fair).
'Elizabeth' is one of my favorite movies -- a layered story with the ring of truth elegantly captured by an unobtrusive and technically accomplished director. The principal players return for 'Elizabeth: The Golden Age' and, if I had to hazard a guess, this movie will have greater scope and depth, and will move with more energy.