What did the letters mean?
I never could figure out what the letters had to do with the price of tea in China, OR why suddenly the "Hungarian mercenary" suddenly became the good guy OR if Ruy had all the people on the list killed then who was bringing him tribute? (and truthfully, how many Hungarian mercenaries are going to be running around Spain...they were the earliest Protestant 'heretics' in Christendom to boot!!)
The end was disgusting on a lot of levels;good cop turned bad; jewish victims savaging other jews; slaughtering people for the sake of slaughter;
It would be wonderful to have really good, well thought out movie on the theme of MarraƱos (secret jews).. There were so many facinating things to explore that were just handled indifferently and incidentally, if at all--the home life of secret jews, the dissimulation and compromises, the alliances, the worship, the achievements.
And even the novel idea of a police whodunit dressed in 16th century spanish leather tights could've been rather cool...but this movie just went splat in more ways than one. I agree with other posters that someone must have pruned a whole heck of a lot from this movie because the sequence of connexions between people and events were just fuzzy and disjointed.