So I went ahead and saw Kate & Leopold, and I'm glad I did.
Yes it was predictable, yes it was cheesy, but you know what, it had a little more substance than your typical Romantic Comedy, and the fantasy element made it all the more interesting.

Meg Ryan and Hugh Jackman are really great in the title roles. Nice supporting roles are played well by Liev Schreiber, Breckin Meyer, and Bradley Whitford. Meyer's show, Inside Schwartz just got canceled by NBC, but I think he'll be OK. He's kinda cool. Whitford's show, The West Wing is incredible, and he's great in it. Here he plays a similar role to other supporting roles he's had, but that's OK. His delivery makes him very believable in those kind of roles. Schreiber was the wild card. I've not really seen any of his work, though I know of it. He turns out to be very funny.

While Meg Ryan is one of the reigning queens of the genre, and she did a great job here, her character is just too familiar. So I guess the best thing about this movie is Hugh Jackman. He does a really great job as a 19th Century noble man suddenly thrust into modern day New York. He's just very believable as the prim and proper upper crust type, and it's a credit to Jackman, because he's a star now due almost completely to his total submersion into the role of the grim and gritty Wolverine in X-MEN.

I was surprised to see that this movie was co-written and directed by James Mangold, who wrote and directed much deeper, darker films in Girl, Interrupted, CopLand, and Heavy. He did a good job, and I guess his involvement is what gives the movie the more substantive feel than most Romantic Comedies.
No, it's not Citizen Kane, but Kate & Leopold is solid entertainment just the same.