"Equilibrium" is a dark science fiction drama, that is surely thought-provoking and artier than most average movies, but still not a masterpiece.
Some aspects of the script are great, but sometimes there are unnecessary combat sequences that somehow take away the great athmosphere that prior scenes built up. However, it is defintely no waste of time.
The movie can be very unsettling and disturbing at some points. Especially the scenes where they shoot the dogs and the main character is forced to watch (the shootings are off-screen). Most of the characters have got no feelings, and the main character is forced to pretend that he also has got no feelings.
The movie is not bloody and does not have any gruesome details (even when a character's face is sliced off, you see it from the very side, so you don't see any detail), but can be quite emotional and disturbing at some parts. Not recommended for teenagers under the age of 16.
The movie itself is not a masterpiece.