The problem is that even though the film is entertaining enough, after six or seven twists and turns in the plot it all becomes tedious. There's an abundance of clues and herrings, many of which are just dropped when the action flic attitude takes over. In the end, the film is a too long and ponderous, and so concerned with being tantalizingly innovative, that after a while you just don't care..
Conspiracy Theory features Patrick Stewart, Julia Roberts and Mel Gibson. After six glamorous seasons as Jon Luc Picard on Star Trek TNG, Patrick Stewart has recreated himself as a villain, with limited success. Stewart always performs beautifully, but his evil civility lacked bite. Julia Roberts has also recreated herself, ditching the trademark effervencent red hair for a sleak friends-look coiffeure. Then there's the gorgeous Mel Gibson. What a role... What a man... Who needs a story when there's Mel. And Conspiracy Theory certainly gives him a workout. In the beginning he's a cab driver who stalks Julia Roberts. Who knows what he is by the end.
So the cast is good, but that's about it. Actually, the most interesting aspect of Conspiracy Theory is the time spent spotting the illusions to earlier classic films. Keep an eye open for Clockwork Orange, and your nose to the ground for Chinatown. There's all there, and more. Mel's character is a combination of himself in Tim and Robert de Niro in Taxi Driver along with the savvy of every James Bond in history.
In short, Conspiracy Theory is probably worth seeing, just for the opportunity to enjoy Mel Gibson. Otherwise its average.