Fucking awesome movie. A little over-directed at times, but easily overlooked. Foxx is brilliant, Downey Junior is excellent as usual as of late, and all in all just a really great film, especially for folks like us.
There are some parts that I think could have been left out, and it does wax a little overly political (it feels about half an hour too long), but in my opinion, the story and the performance by Foxx/Downey more than makes up for it.
Definitely watch it.
Just watched it this weekend, and I concur with just about everything you said. It was a bit too long, but I think that was the way it was paced. It just took a while to really get rolling.
On a side note, screw you, Jamie Foxx. I watched the behind the scenes, and he learned to play cello for the movie. I despise his ridiculous level of talent.