Could have been much better.
I won't judge it too harshly, mainly because it's the first film the director's made and the first produced screenplay the writer made. But I think that the story development is what nearly ruins the film.
I'm Reed Fish was chugging along nicely with some fine acting and excellent touches enhancing the characters and their environment. Right as we're shown a piece of the underlying tension between Reed and Kate's marriage, we have this projector malfunction. I think this could have been pulled off in a much better way. Instead of having this sequence at the beginning, they could have digitally added a few reel effects, like a slight skip or burn in the upper right hand corner. Just little hints that this was actually a film. It would have made sense in context, what with DJ Qualls looking at the camera. Little things like that could have given the audience that feeling, a sort of "Duh! That's why that happened earlier on!" Put the twist at the end, where it should be. I'd much rather fall in love with a story, then find out it was staged than find out midway through and watch the rest with a slight, but very real, pang of disbelief. Or, better yet, they should have gotten rid of the entire thing.
There are other parts of the film that could have been worked on. Reed and Kate's engagement should have been introduced early on in the film. Introducing the old flame first makes their engagement seem secondary. Also, the last half of the film didn't have any of the interestingness that everything before the projector dilemma had. The two dramatic scenes, the breaking of the engagement and the Reed/Jill/Kate argument could have been done better. I did like the breaking of the engagement, but it felt slightly dry. I think more emotions should have been brought up, at least on Bledel's side. And with the Reed/Jill/Kate argument it seemed slightly forced. I'd blame the direction for having them all blow up like that, because it just didn't seem to work with how the characters were going on before that point.
Anyway, this is long, so I'll wrap it up. I thought the film had its great moments. Jay Baruchel was adorable, as was Schuyler Fisk who's grown as an actress and a singer. Alexis was cute and managed to bring a degree of dignity to Kate, who could have ended up shrewish. I also thought Victor Rasuk was charming. It's a cute film, and I think a decent first picture for the crew involved. 5/10.
"BEES?!"