20th Century Fox is hitting the New York Film Festival again today after last year’s big success with Life Of Pi which opened the fest and went on to win four Oscars including Best Director for Ang Lee. Perhaps hoping lightning strikes twice or maybe just praying for a commercial hit, the studio is holding the World Premiere tonight of its Christmas Day opener, The Secret Life Of Walter Mitty which is directed by and stars Ben Stiller. Two and a half months before its release critics and select press got a look at it earlier Saturday with precisely- timed simultaneous screenings in New York and on the Fox lot in L.A. (an L.A. based publicist told me they actually had a bi-coastal countdown to the film’s start to make sure there was no unfair advantage). And also like Pi , 20th earlier did an elaborate presentation during their April Cinemacon event in Las Vegas  to get exhibitors on board early for the movie they are hoping will be favorably compared to the Oscar-winning Forrest Gump. That move, which included 15 minutes of footage from the then-unfinished movie also probably heightened blogger awards anticipation.

Whether this film, a clear labor of love for Stiller, will become another Oscar player for Fox remains to be seen.  With spectacular special effects sequences, great cinematography and a fantastic musical soundtrack to match the pictures,  it definitely seems like a favorable boxoffice play for the studio that should have great appeal during the Holiday period for audiences who will be able to identify with the theme of a meek daydreamer who finally turns his untapped potential into a spectacular real-life adventure.  It’s got humor, warmth, strong emotions  and heart, a mix that may not stand up to the stiff 2013 awards competition, or impress some critics, but should click at the boxoffice if fans don’t expect a zany Stiller comedy. This is definitely in the comedy/drama wheelhouse even though it has a supporting turn from SNL’s and Bridesmaids star Kristen Wiig who also low-keys it here.

A remake in name and concept only of the 1947 Danny Kaye version of James Thurber’s short story, Stiller nicely underplays the Everyman role and taps into the changing times and economic and job uncertainty that might encourage people to live vicariously through a fantasy life, rather than the humdrum real thing. It’s even a little Capraesque which is a good thing to see on screen during tough times of layoffs and shutdowns.

At Cinemacon Fox Chairman and CEO  Jim Gianopulos told me the film definitely had the feel of a special event picture for Fox and he told exhibitors, ” it is a remarkable, remarkable work that runs the whole gamut of emotions…For those of us who have worked at Fox when some of the most innovative  and successful films in history were made, we are proud  that Mitty  magnificently marries emotional  storytelling with groundbreaking visuals like those previous films but stands on its own as a rare and exceptional  cinematic experience”.

Stiller could find himself competing in the Musical or Comedy Golden Globe category but entrance into the crazy-with-contenders Best Actor Oscar race is probably worthy of a Mitty daydream itself. Sean Penn, terrific as a globe-trotting photographer  in a one scene cameo near the end, steals the acting honors in the picture but the most obvioius awards play is in the below the line area for Stuart Dryburgh’s sweeping cinematography and those fine visual effects.  The picture is also exceptionally well-designed and Stiller shows again he has real directing chops. How it fares beyond this will strongly depend I think on its commercial fate. The problem with going into any movie this time of year is the shadow of Oscar is always lurking in the background and sometimes colors the views of early opinion-makers.  Stiller has made an exceptionally entertaining film and a fine re-invention for Walter Mitty. That should be enough.