In Allen's take Cate Blanchett plays the role that was immortalized by Vivian Leigh in the 1951 original. However Cate doesn't disappoint, she is right up there and I am hoping she wins all the Best Actor awards if she is not upstaged by Meryl Streep with her dynamite performance in 'August: Osage County' (more about it in the detailed review of the said movie).
Blanchett plays a former New York socialite Jasmine whose life goes Topsy-turvy in the wake of her husband's imprisonment and subsequent death. Jasmine is forced to go and stay with her Louis Vuitton luggage in the incongruous surroundings of her adoptive sister's San Francisco apartment, with corrosive results. Attempting to "move on" and make a new start, Jasmine is finally out of her depth as she careers between ill-fitting employment, ill-judged social climbing and abysmal interpersonal relations.

Meanwhile, writer-director Woody Allen darts back and forth between past and present, interlacing scenes of extravagant privilege with the dawning realities of a midlife meltdown beyond the protective bubble of the Upper East Side.

The supporting cast played by Sally Hawkins, Alec Baldwin, Andrew Dice Clay etc is top class. Although Blue Jasmine would not be one of the most accomplished works of Woody Allen but the performances are worthy of stand-up-and-cheer ovations all round.
My Verdict: **** Go for it :)