Here is my take on this long delayed film, I will try to explain why but I am not sure I can articulate it as clearly as I would want. Black Widow is an entertaining, mid-level MCU film. It left me unmoved by the events but I can live the action scenes and over all story. There is very little connecting it to the Avengers, except the presence of Natasha, Scarlett Johansson, and the fact that she is an Avenger. All of the other characters are new to us and although there is an attempt to develop character for all of them, some of it is a bit rushed.
For those of you dying to know, this takes place between "Civil War" and "Infinity War". While hiding out after thwarting Secretary Ross's attempt to arrest her, the Black Widow is lead by to her origins by a mysterious package that shows up in her effects. Several chase scenes and hand to hand combat sequences later, we get a clearer explanation of what is going on. The totality of the Budapest story that she and Clint made reference to back in "The Avengers", is not revealed, but there is enough detail to understand why she has regrets and feels that there is so much "red" on her ledger.
Maybe the reason I had difficulty connecting to this emotionally is that the secondary characters are all new. There is one, a fixer that Agent Romanoff has used before, who is treated as a longtime ally and associate. This is the first time in any of the films he has been referred to. He is not really given a backstory but the character is represented to us as one we should appreciate without knowing anything more, and that does not quite work for me. The movie starts with a flashback story to 1995 and we see a family coming together for dinner and suddenly taking flight from pursuing dark forces. Maybe the fact that we are being asked to sympathize with a Soviet Sleeper Cell, operating in Ohio, which is killing pursuing FBI agents, just does not sit well with me. This is a Post Cold War world, but those of us who lived through that war may have a hard time deleting the suspicions that we have. The character of the Red Guardian is slipped into this segment only vaguely, and when he returns to the story, we have to build another relationship.
The one new relationship that works well is that of Natasha to her supposed sister Yelena, played by Florence Pugh. The combat ready reunion was a bit much but it does establish the creds for this character as well as the other Black Widow zombies that the villain is creating. Pugh does great with her action sequences and is a believable female badass who can get the job done and stand toe to toe with Natasha. I enjoyed their banter a great deal, and they need more time together to make this the key relationship of the story. Unfortunately, there is a Mother Figure, Father Figure and villain who also need time with the main hero and that makes the plot points feel a little repetitive and it sucks up a lot of time.
Look, I know this is a comic book movie, and maybe I'm overthinking it a bit, but it needs some explanation. How did this Soviet Era Program continue, go private, and remain hidden? How was it funded? There is technology here that the Avengers would be envious of, but there is no Tony Stark or Russian version of S.H.I.E.L.D. visible. It feels like a 1970s Bond film with a secret lair that would be impossible to keep a secret. Maybe that's why the movie that gets interrupted on Natasha's TV is "Moonraker". It's a subtle attempt to nudge us more toward the fantasy world that exists outside of the MCU and use that to justify some shortcuts.
Hawkeye and Black Widow are master assassins, and they took on a job twenty years prior to this story. How is it that they could botch up their mission so much as to leave their actual target alive, much less the collateral damage that goes along with it. There is no explanation of why that happened, even after we have witnessed an explosion that is immense and would have killed any other character in this universe, except for those from space. It feels like lazy writing. There are three screenwriters credited, one was at least partially responsible for Thor Ragnarok, but also episodes of WandaVision and Agent Carter. Maybe the styles just don't mesh well or the fertilizer is showing and too much of what we are getting is set up for future projects.
David Harbour and Rachel Weisz are able to play both young and older versions of themselves with only slight assistance from CGI. Harbour is doing comic riffs with a Russian accent and that is funny. The Prison escape is fun to look at but it does little to advance the plot, it was merely an obstacle that gives the two women a chance to run an elaborate action sequence and have some comic relief along the way. I like Ray Winstone as an actor but his part in this is underwritten and it consists almost entirely of monologuing with the heroine.I was happy to see the film finally open. I was thrilled to see that the theater was sold out and that people are going out to the movies. I was surprised by the number of people who have already forgotten that MCU films tend to have stingers at the end of the credits and lot of folks left before the last scene. I was just not blown away by the film. I will certainly see it again, but if you are looking for a ranking in the MCU, put this at the top of the bottom quarter of the films. I liked them all but let's keep some perspective, they can't all be the greatest thing since Ironman.