Since โ€™96, this troubled, troublesome masterpiece has been unavailable on any format. Until now. But this is the least of the obstacles itโ€™s faced in reaching the audience it merits. The director turned down the opportunity to helm The Godfather to make it. Hereโ€™s where we get controversial: itโ€™s a much better, richer film than Coppolaโ€™s, and itโ€™s Leoneโ€™s best. Grand statements, sure, but nothing to match the grander statements and panoramic power of this sweeping, savage celluloid poem.

Leone conceived it as a fable. โ€œItโ€™s not realistic, itโ€™s not historical, itโ€™s fantastic,โ€ he said in โ€™84, claiming as influences Chandler, Hemingway, Dos Passos and Fitzgerald. (Itโ€™s actually loosely adapted from Harry Greyโ€™s autobiographical novel The Hoods, and early versions of the script?credited to six names?were worked on by Norman Mailer). The Italian director saw it as a homage to the America he got to know, or imagine, from films?to his dreams and memories of the land. Shooting began in โ€™82, in Cinecitta, Venice, Paris, Florida, Montreal and New York, and the movie first screened at Cannes in โ€™84. Leone had already made his name with the Fistful Of Dollars trilogy and Once Upon A Time In The West. Initial reviews of the then four-hours-plus epic were exuberant.

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The money men, however, had been burned by Philip Kaufmanโ€™s The Right Stuff which, at over three hours, had stalled at the box office the previous year. They butchered Leoneโ€™s sepia-and-soul film into a 139-minute, strictly chronological story: in this hacked-to-bits state, it died in the US. The rest of the world at least got the longer version, applauding appropriately.

You have to love the old tagline: โ€œAs boys they said they would die for each other. As men they did.โ€ The intact, immense saga follows the destinies of our Jewish gangsters across four decades, from youth in the โ€™20s to 1968, from their bonding as Lower East Side kids through their violent rise to power as dominant hoods of the Prohibition era to a later settling of debts. Theyโ€™re led by the shy but decisive Noodles (Robert De Niro) and the hot-tempered, amoral Max (James Woods). The women in their life are Deborah (Elizabeth McGovern), Noodlesโ€™ boyhood crush (first played by a young Jennifer Connelly), and Carol (Tuesday Weld), initially a hate figure and ultimately a match for Max. Thereโ€™s sterling support from Treat Williams, Burt Young and Joe Pesci as a mobster (for once outplayed for loose cannon rage by Woods, who is absolutely incendiary.)

De Niro is brilliant throughout, ageing convincingly, somehow both blankly impassive and riddled with guilt for a lifetime of sin. For a character who commits one, possibly two rape attacks (on Weld and McGovern), heโ€™s freakily sympathetic. Perhaps because Leone constructs Noodlesโ€™ inarticulate love and yearning for Deborah to Gatsby-esque proportions. His frustration at her insouciance becomes plausible if unforgivable. And Woods, in his heated pomp, is just blistering, a primal force. The only time heโ€™s intimidated is when De Niro silently stirs a cup of coffee for an unduly long time: Leone homes in and makes it the most threatening, sinister act conceivable. Watch this a hundred times; it still gives you chills.

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Leoneโ€™s leaps between time periods, with multiple jumps forward and back, is never bewildering. He rarely opts for a gung-ho gimmick where the subtle establishing of a melancholy mood will suffice. The ambitious structure achieves exactly the levels of poetic resonance heโ€™s aiming for, and his unsavoury, shadowy men become mythical characters. Heโ€™s helped considerably by Ennio Morriconeโ€™s elegiac score, one of his very finest and most stirring, which elevates the themes of misguided love, broken loyalty and mesmeric friendship even higher. Through an incredible red-tape oversight?โ€somebody forgot to enter it, it was as stupid as thatโ€, the producer Arnon Milchanโ€™s recalled?it was never submitted for an Oscar.

The history of this film, then, is littered with poor decisions and self-inflicted injuries. Yet itโ€™s a stream of scenes, both beautiful and vicious, which run to a heartbreaking whole, and a profoundly moving prayer to mortality and the passing of time, stunningly shot, agonisingly well-acted. This release, hopefully, will enhance its belatedly solid reputation as one of the true all-time greats.