I have now seen Olivier's Shakesperean roles in As You Like It, Richard III, King Lear, and Hamlet. Other than Richard III, where he played a perfectly devilish Richard, this would be my favourite Olivier role. He captures the prince's intelligence, wit, and melancholy. The other actors offer solid performances too and the directing and choice of set (a very creepy, gloomy Elsinore) are also brilliant.
The only reason I wouldn't give this play 5 stars as I do the Branaugh and Burton versions is because of the large cuts made to the text. While I certainly understand wanting to make some cuts, particularly in a play this long, some of the cuts are just too drastic. Rosencrantz and Guildenstern are gone...completely. A few of Hamlet's key soliloquies, such as "Oh what a rogue and peasant slave am I..." and "what a creature is man...", are also completely gone. Some of these soliloquies are key to understanding Hamlet's character. Again, I understand why directors may want to make SOME cuts. Branaugh's four hour movie may be too long for some viewers (not for a bard addict like me). Burton's version at just over 3 hours is an excellent example of a version in which cuts were made where key soliloquies and characters were not eliminated.
Still, despite that complaint, this is still an excellent production of Hamlet and I would reccommend it to anyone who appreciates superb acting.