Back for the second year with an almost entirely new cast, Nicholas Hytner's production based on Philip Pullman's novels is always great spectacle, and sometimes very good theatre. None the less, the six hours (let's scotch the myth that seeing only one part is in any way a satisfying experience) is often reminiscent of one of those blockbuster musicals of the late 1980s, where you found yourself marvelling at everything that had been thrown at the show rather than the show itself. Watching it, you often feel that each scene represents the ingenious solution to a staging problem rather than a visionary labour of love.
Still, you can't deny that it is well done. And although the complexities of Pullman's rewriting of Paradise Lost are often lost, and the whole thing made to seem simply like a rollicking and episodic Lord of the Rings-style adventure quest, the show does have a cumulative power.
The second half is by far superior: although the Olivier theatre's drum keeps revolving as dizzily as ever, the characters spend less time delivering exposition and actually show some signs of character. This is particularly evident in Lesley Manville's Mrs Coulter, who is not just a villainess but a woman touched by the tragedy of knowing that she is incapable of being a good mother. The simple directness of Elaine Symons' and Michael Legge's performances as Lyra and Will ensure that you have a strong emotional investment in their fate.
The final hour of the show, which includes the visit to the Land of the Dead, is less showy and more reflective. As philosophy and feeling collide with action-adventure, the play takes on a deeper, more reverberating meaning that is true to the soul of Pullman's trilogy. It is a payoff well worth waiting for. And along the way there are plenty of marvels - many in puppet form - including daemons, angels, armoured bears and dragonfly-riding Gallivespians.
· Until April 2. Box office: 020-7452 3000
