Would it have been better if the dialogue had been modernized, too?
I like this film, but...I found too often that I was watching a set of visuals that seemed somehow out of sync/step with the dialog. Too many of the scenes seemed to either not make sense conceptually (such as the railroad marshaling yard where Richard had his command rail car), and even less so with the dialog applied.
I guess it seemed like I was watching two movies -- one visual, one auditory and they didn't layer right to me. It was almost as if someone said "lets have a scene that looks like this" and they just kind of found a portion of the play to stage in it.
Or maybe I'm just a purist, and like my Shakespeare set in its historical era..