My main problem with it was that the characters seemed to be a bit too one dimensional, I realise there is only so much you can get across in a silent movie but it just fell a bit flat for me. When you see someone like Charlie Chaplin you know every single thing that is going on in his mind, with The Artist I couldn't help but feel that it was more a case of a talkie that had had it's sound cut off. Though that may have been the point given the main character's storyline.
Though I must say, the last twenty minutes or so were extremely awesome, and the woman who played Peppy Miller is mesmerising.