STARRING: Cate Blanchett, Giovanni Ribisi, Greg Kinnear, Katie Holmes and Keanu Reeves

Director Sam Raimi is regarded as a B-movie legend for his work on the "Evil Dead" trilogy, "Darkman" and the "Hercules" and "Xena" TV shows, but he doesn’t get a lot of love from mainstream audiences. Things were looking up a few years ago when he scored with the thriller "A Simple Plan," but then he laid an egg with "For Love of the Game."

This movie was supposed to be Raimi’s way of showing the Hollywood bigwigs that he could make a decent flick without pus-oozing zombies. The idea must have sounded good on paper. "For Love of the Game" was a romance set in the exciting world of professional baseball. Unfortunately, the leads were dullard Kevin Costner and blank Kelly Preston. Raimi did his best just to keep viewers awake. In the end, this tepid pudding wasn’t even fit for airplane audiences. And those folks will watch anything!

Cate Blanchett is able to convey both strength and fragility in her role.

Raimi redeems himself with "The Gift," an engrossing southern gothic tale about a small town psychic. Some would say he has already been vindicated since Columbia Pictures tapped him to helm the new "Spiderman" film, but what do movie execs know? They also employ Pauly Shore and greenlight movies based on Saturday Night Live skits. I wanted Raimi to prove to me that "A Simple Plan" wasn’t a fluke. Could he make a decent flick without the help of the undead or Bruce Campbell?

Well, I’m satisfied. "The Gift" is awesome film. It delivers Raimi’s signature touches — adrenaline-charged visuals and a creepy vibe — while also showcasing some amazing acting by a sensational cast. The director has recruited enough talent to fill three movies. The stunning Cate Blanchett ("Elizabeth" and "The Talented Mr. Ripley") plays Annie, a widowed young mother making ends meet by giving psychic readings. The police ask for her help when the town debutante (Katie Holmes from "Dawson’s Creek" in a surprisingly mature performance) turns up missing.

Katie Holmes gives her first truly adult performance.

Blanchett is able to convey both strength and fragility in her role. She is supported wonderfully by Giovanni Ribisi ("Boiler Room"), Keanu Reeves ("The Matrix") and Greg Kinnear ("Nurse Betty"). While the film’s story has its share of twists, I’d say the biggest surprises come from the acting. Usually vapid thespians Ribisi and Reeves are riveting while Holmes gives her first truly adult performance. She has a newfound confidence and sensuality that I haven’t seen in her earlier work.

The script by Billy Bob Thornton and Tom Epperson (who also penned the gripping southern film noir "One False Move") is extremely tight. Every character has a purpose and every clue fits into place for the final pay-off. The film keeps you guessing the identity of the killer until the climax, while also feeding you plenty of suspects. Just when you think there are no surprises left, the story delivers a nice little "gotcha" at the end. "The Gift" shares similarities with another supernatural thriller, last summer’s "What Lies Beneath," but nothing that will distract you from enjoying this marvelous movie on its own merits.

"The Gift" delivers the director's signature touches – adrenaline-charged visuals and a creepy vibe – while also showcasing some amazing talent onscreen.

The character of Annie is apparently based on Thornton’s own mother, who is also a psychic. The film could have gone overboard with its paranormal elements, but manages to maintain a nice balance. Annie’s powers are not overplayed, but reveal vague snippets of information that make more sense as we get closer to the big finale. Raimi is at his best when portraying Annie’s dreams and visions. He gives them a disturbing surreal quality without going over-the-top.

With this film, Raimi is making good on the promise shown in his earlier work. His pure love of moviemaking has always been evident, but until now, he’s had difficulty marrying his eye-popping visual style with a solid story and decent acting. "The Gift" shows that Raimi has matured into a filmmaker of expert technical skill, who is also able to guide actors to stellar performances. It looks like the future of everyone’s favorite webslinger is in good hands.