Actors spend entire careers searching for their niche in Hollywood. For Keira Knightley, it’s period pieces... Pride & Prejudice, Atonement, A Dangerous Method and now Anna Karenina, Joe Wright’s scrumptious update of Leo Tolstoy's tale of love and betrayal in 19th century Tsarist Russia. Knightley has long been a favorite of mine (she was nominated for a Teacher’s Pet last year) but her latest turn has a good (great?) chance to net the 27 year-old British star her first Oscar.

Anna Karenina marks the third collaboration between Knightley and Wright, and the results are nothing short of extraordinary. Wright crossed into “top filmmaker” territory last year with Hanna and he carries forward its electrifying pace to Anna Karenina. His film is alive from beginning to end... a constantly moving play within a play. From on-the-fly wardrobe changes (everyone seems to be putting on/taking off a jacket) to brilliantly timed set transitions, Wright’s film is wonderfully fluid: It’s impossible to be bored.

Set in 1874 imperial Russia, Knightley stars as the assertive (and married) Anna, who falls in love with Count Vronsky (Aaron Taylor-Johnson) a dashing cavalry officer... turning Anna’s previously dream-like existence inside out and upside down. Anna’s place in high society is provided by her marriage to Alexei, a high-powered government official played with remarkable restraint (and precision) by Jude Law. Alexei has no time for family, ‘I have the world waiting for me. I don’t have time for your exercises.’ and this lack of interest is all Anna needs to justify “looking elsewhere” for attention.

Anna and the young Count soon begin an affair that can best be described as... a bad idea. Anna seems immune to the fact that her “indiscretion” spells doom for her future, not to mention forced separation from the one person she claims to love more than anyone... her son (more on that later.) As Anna falls deeper and deeper in love, her actions become all the more questionable (not to mention slutty.) Not only does she steal the Count away from supposed friend Kitty (Alicia Vikander) at the latter’s debutante ball, but she’s 100% unapologetic about it.

It gets worse: When husband Alexei confronts her, Anna boldly declares, ‘I’m his wife now. I’m having his child.’ Is this chick loco or what? Law’s Alexei is slow to believe the worst, reciting the film’s best line ‘My wife is beyond reproach. After all, she’s my wife.’ Without ruining the movie, Anna chooses a guy she just met over her son and husband. ‘I won’t be ashamed of who I am or what I’ve done,” crows a defiant Anna. Well you should be.

Despite her character’s naughty nature, Knightley is a joy to watch on screen. Oozing charisma and style, Keira harkens back to an era when Audrey Hepburn and Grace Kelly ruled the Hollywood roost. Knightley’s Anna wants to have her cake and eat it too; but eventually comes unglued under the weight of her new status as social pariah. Knightley conveys a wide range of emotions in the film’s final half, a half that plays much slower than its superior first.

Law turns 40 next month, but wisely sheds his Alfie playboy persona for the more stoic portrayal of a man scorned. Taylor-Johnson continues to evolve, showing remarkable range (this guy played Kick-Ass for gosh sake) for someone who just turned 22. Matthew Macfadyen is brilliant as Anna’s philandering brother (Talk about “All in the Family.”) In a movie full of bright and vibrant images, Macfadyen manages to stand out in every scene he’s in.

Anna Karenina is truly a film for the ages. Wright updates Tolstoy’s story in a way that makes it easy to watch (and enjoy.) Ask anyone who’s ever read Tolstoy... That’s no small feat. Kudos to Wright and cinematographer Seamus McGarvey for drawing a beautiful picture, and to Knightley and company for giving it life.