It's a decent steampunk/fantasy concept; basically, "the Fae" - beings that are mythological in our reality, like fauns and faeries - are living creatures in this world, but there's a lot of prejudice against them from the human majority. Intrigue and some action ensues when a bunch of Fae refugees end up living in Carnival Row, a slum district in a majority-human city.

The problem is that the two protagonists (a faerie radical played by Cara Delivingne and a human cop played by Orlando Bloom) are kind of boring. The glimpses of life in Carnival Row often suggest events and characters who are more interesting than the leads, which gets frustrating.

Production design is good, though.