While it may not have quite the sheen or emotional weight of last year's "Sense and Sensibility," Douglas McGrath's new adaptation of Jane Austen's "Emma" has certainly captured its elegantly comic possibilities.

And much of the credit must go to McGrath's casting of the eminently luminous Gwyneth Paltrow as the title character. Paltrow is natural and charming, and she also perfectly embodies the screwball sensibilities at work here. (Think Carole Lombard, or perhaps the young Katharine Hepburn.)

Emma Woodhouse is, of course, the queen bee of busybodies, forever meddling in everyone else's love life, yet quite unable to figure out her own.

Wealthy, patrician, witty and more than a little self-absorbed, Emma decides to develop her inherent "gift" for matchmaking. And as her primary subject, she takes Harriet Smith (Toni Collette) under her wing. So Harriet, a country bumpkin who feels flattered at Emma's attentions, breaks off her engagement to the local farmer she loves and becomes fixated instead on a local vicar (Alan Cumming) — though he seems to be more interested in Emma.

Emma also interferes with Frank Churchill (Ewan McGregor, in a role that is a far cry from the one he plays in "Trainspotting"), eligible gadabout son of a prominent neighbor — but he has some romantic notions of his own.

Meanwhile, Emma's brother-in-law, Mr. Knightley (Jeremy Northam), seems to be the only person in town who sees right through her, and he gently chides her for her foolishness.

There are quite a few more characters who touch or are touched by Emma, and while she is bound to get her comeuppance, most everyone knows that her heart is in the right place.

There's not a lot here that will surprise you, no characters who are a great deal more than they seem to be, and certainly no plot revelations designed to shock. But there is great satisfaction in the telling, in the rich characterizations and delightful humor, as well as the lavish attention to detail and a number of sunny set-pieces.

The performances are all excellent, providing rich dimension for what could have been simple, and even silly, supporting roles. Greta Scacchi is surprisingly effective in an unexpected character part as Emma's best friend, Juliet Stevenson is hilarious as a snob who marries one of the men Emma is trying to fix up with a friend, Sophie Thompson is both funny and poignant as a nonstop chatterbox and Northam has genuine romantic chemistry with Paltrow.

Texas-born writer-director McGrath, whose previous credits — which include a stint at "Saturday Night Live," co-writing Woody Allen's "Bullets Over Broadway" and scripting the doomed remake of "Born Yesterday" — seem unlikely at best to give way to the assured period piece he has come up with here, nonetheless pulls if off as if he were himself a cultured Englishman.

But the film's success definitely rises and sets on Paltrow, who is required to carry the film on her shoulders all the way. Fortunately, she is more than up to the task.

Paltrow has managed to stand out among heavy competition in such earlier films as "Hook," "Flesh and Bone," "Jefferson in Paris," "Moonlight and Valentino" and "Seven" — but this is unquestionably a starmaking performance in a starmaking role.

Forget "Clueless," in which Alicia Silverstone played the same character, albeit in updated, "let's-cruise-the-mall" form. This is the "Emma" of choice from now on.

And it's easily the best romantic comedy so far this year.

"Emma" is rated PG, though there is nothing offensive.