For 7/8ths of the movie, I was queasy about the trivialization of the Holocaust: a movie about a squad of bad-ass Jews and femmes fatale battling an impossibly calculating SS officer (forget Brad Pitt's top billing, Christoph Waltz is the real star). But then the curveball comes in right over home plate -- rather than dodging the "revenge fantasy" elements, Tarentino puts it up on screen in slow motion. And in the midst of this B-movie sequence, the entire theme of the movie, about the power of stories (and movies, in particular) crystallizes. The movies literally kill the bad guys (even as the Nazi's screen their own triumphant movie).
There are things that Tarentino does as a director that I don't like (the "Putting Out Fire With Gasoline" sequence, the comic-book character cards), but as a story-teller, he's fantastic.