This 1995 production was directed by Academy Award Winner Ang Lee (Brokeback Mountain, Lust and Caution), and receives a 100% rating on the film site Rotten Tomatoes. It has an all star cast, including Emma Thompson, Kate Winslet, Hugh Grant, Alan Rickman and Tom Wilkinson (nominated for an Oscar this year for his role in Michael Clayton).

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From an online reviewer:

When Emma Thompson was approached with the suggestion to write a screenplay based on Jane Austen's first novel "Sense and Sensibility" (1811), she was somewhat doubtful because, as she explains on the DVD's commentary track, she felt that other Austen works, like the more expressive "Emma" and "Persuasion" or the sardonic "Pride and Prejudice" (already the subject of several adaptations) would have been more suitable. Four years and 14 screenplay drafts later (the first, a 300-page handwritten dramatization of the novel's every scene), "Sense and Sensibility" made its grand entrance into theaters worldwide and mesmerized audiences and critics alike, resulting in an Oscar for Thompson's screenplay and six further nominations (Best Picture, Leading Actress - Thompson -, Supporting Actress - Kate Winslet -, Adapted Screenplay, Cinematography, Score - for 20 minutes' worth of composition - and Costume Design); and double honors as Best Picture and for Thompson's screenplay at the Golden Globes.

More than simple romances, Jane Austen's novels are delicately constructed pieces of social commentary, written from her rural Hampshire's perspective. Mostly confined to life in her father's parish, she was nevertheless well aware of early 19th century England's society at large, and fiercely critical of the loss of morals and decorum she saw in its pre-industrial emergent city life. Moreover, experience and observation had made her acutely aware of the corsets forced onto women in fashion terms as much as by social norms, confining them to inactivity and complete dependency on their families' and their (future) husbands' money. And among this movie's greatest strengths is the manner in which it maintains that underlying theme of Austen's writing and brings it to a contemporary audience's attention. "You talk about feeling idle and useless: imagine how that is compounded when one has no hope and no choice of any occupation whatsoever," Elinor Dashwood (Thompson) tells her almost-suitor Edward Ferrars, and when he replies that "our circumstances are therefore precisely the same," she corrects him: "Except that you will inherit your fortune - we cannot even earn ours."

Rescuing much from the first draft dramatization of Austen's novel and amplifying where necessary, Emma Thompson and director Ang Lee ("who most unexplainably seems to understand me better than I understand myself," Thompson said in her mock-Austen Golden Globe speech) produced a movie scrupulously faithful to what is known about Austen's world and at the same time incredibly modern, thus emphasizing the novel's timeless quality. Paintings were consulted for the movie's production design, and indeed, almost every camera frame - both landscapes and interiors - has the feeling of a picture by a period painter. Thompson cleverly uses poetry where the novel does not contain dialogue; and again, she does so in a manner entirely faithful to Austen's subtleties - most prominently in the joint recital of Shakespeare's Sonnet 116 by Marianne Dashwood (Kate Winslet) and John Willoughby (Greg Wise), where an ever so slight inaccuracy in his rendition of a sonnet he claims to love foreshadows his lacking sincerity.