By OnMilwaukee Staff Writers   Published May 03, 2002 at 5:02 AM

While not engaging in the kind of hiatus taken by Terrence Malick, who didn't direct anything in between 1978's "Days of Heaven" and 1998's "The Thin Red Line," Peter Bogdanovich hasn't helmed a feature film since 1993's "The Thing Called Love." Lately he's been a regular on "The Sopranos," playing psychiatrist to Tony's psychiatrist, Dr. Melfi.

And while the latest effort from Bogdanovich isn't the masterpiece that Malick's most recent film is, "The Cat's Meow" marks a solid return from the director of "The Last Picture Show," "Paper Moon" and "Mask."

Screenwriter Steven Peros adapted his play, which concerns the infamous, mystery-soaked yacht trip hosted by William Randolph Hearst in November of 1924. Some famous folks gathered for a birthday party and excursion along the California coastline. To this day, little is known about the hushed-up killing that occurs on the tail end of the journey.

In addition to Hearst (Edward Herrmann), those along for the ride include young rising star Marion Davies (Kirsten Dunst), Charlie Chaplin (Eddie Izzard), producer Thomas Ince (Cary Elwes) and gossip columnist Louella Parsons (Jennifer Tilly).

The revelers have gathered for Ince's birthday party, but almost everyone has an ulterior motive. Ince himself, a once-powerful player in the Hollywood community, is fading fast and hopes to convince Hearst that he is worth partnering with.

Ince's mistress is also aboard, with her husband. She yearns for a commitment from her married lover and hopes it comes on this trip.

Hearst is using the voyage to spy on his beloved Marion. He is obsessed with her and has caught wind of rumors that she is fooling around behind his back with playboy Chaplin. His yacht is outfitted with numerous peepholes and other devices that allow him to anonymously see and hear everyone on board at his leisure.

And last but not least, ambitious and pushy Louella aspires to have a daily gossip column that propels her status in Hollywood. She tries to cozy up and propose this idea to Hearst, even though he hates mixing business with pleasure.

Up until a certain someone is murdered, and especially afterwards, almost everyone on the yacht is secretly conspiring with someone about something, whether or not it's a business or personal matter. For the viewer, this results in devilish, voyeuristic enjoyment.

The colorful characters and the wonderful performances anchor the film. Dunst, well-known for her work in mainstream fare like "Bring It On" and "Spiderman," proves that she should be taken seriously with an alluring and refined performance. It's clear why so many men on the ship are so enamored with Marion.

Herrmann is equally impressive as Hearst, injecting humor and warmth into an often-pathetic man who is far too old to be behaving as he is. Izzard is charming as the smooth talking and irresponsible Chaplin. And Elwes makes Ince sympathetic even as he mistreats his mistress (and wife) and does anything he can to get Hearst on his side.

"The Cat's Meow" does have a couple of minor flaws. Tilly, as she often does, gives a loud and irritating performance and is the one weak spot in an otherwise solid cast. And the pace does become too slow as the movie passes the 90-minute mark (it's a shade under two hours long).

But Bogdanovich is back to his old self, and he confidently steers things along to a satisfying conclusion. Regardless of how much of the story is true, "The Cat's Meow" is a fascinating and pleasurable tale with a great cast and a talented director that's more like his old self.

"The Cat's Meow" opens at Landmark's Downer Theatre on Fri., May 3. Click here for showtimes.