I had a similar reaction. I also felt that Washington's portrayal, despite his statements otherwise in interviews, probably made Lucas seem a little more likeable than he actually was at the time. Washington was far more convincing of a bad guy in "Training Day".
I agree with the above opinions, although I will say, that at 2 hours and 40 minutes, it moved right along, and I found it very entertaining. The performance from Russell Crowe was surprisingly low-key. Some fine characters in the secondary roles, especially Ruby Dee. I did find the portrayal of Lucas' well-oiled operation very interesting.