I was going to write a review of Batman Begins, but August basically beat me to my own thoughts - though it's chock full of spoilers, so be warned.
I'll add a bit of non-spoilerish comments, though: First off, I think the consensus among most Batman fans is that this is the best Batman movie thus far - certainly, it beats the Burton entries, and simply humiliates the Joel Schumacher versions. In one interview I read either Nolan or Bale say "we want you to forget there's been another Batman movie", and I thought: Gee, that's exactly what I want, too. What surprised me was willing they were to go an entirely different path. This simply has no connection in any way to the previous movies, and it's far better for it.
One of the best examples of this was the visualization of Gotham City. While I liked Burton's version of Gotham, Nolan simply achieves a far more realistic city. It looked real while also looking unmistakably like Gotham - it's had stylistic elements (like the train system) which added to the "comic"-y feel, without making it feel campy or overdone.
All in all, an excellent job, with the slight complaint that Christian Bale's Batman voice sounds like Angry Scooby Doo.