The US opening of Cinderella Man was overshadowed by a certain incident involving a Hollywood star, a hotel attendant and a flying telephone.

It's a shame that Russell Crowe's real life fracas stole the film's thunder, though. This fact-based fable is actually quite a contender, and deserved better than to be written off as a box office flop.

As stories go, this just seems too good to be true. Successful prizefighter Jim Braddock (Crowe) finds his fortunes failing as the Great Depression of 1929 hits. Financially ruined, his family's situation goes from bad to dreadful over the next few years, as a string of lacklustre fights see Braddock barred from the boxing ring. But then, after months of financial hardship, Braddock's loyal manager, Joe Gould (Paul Giamatti) gets him one last bout to put food on the table.

But this time Braddock is a different fighter. Hungry for his second chance, this farewell fight becomes merely the first in an astonishing comeback that will have Braddock challenging for the world heavyweight title; a fairytale return that earns him the nickname "Cinderella Man", and captures the hearts of Depression-era Americans.

There's no doubt that this is a fantastic story and a perfect Hollywood crowd pleaser. In fact, while it's unfair to knock a factual plot, it's a bit too perfect. Nearly every sports film out there involves an underdog triumphing over impossible odds, from Rocky to Seabiscuit. It's a shame that Cinderella Man can't avoid feeling a little clichd in the face of such familiarity.

That said, director Ron Howard goes about his business with such sincerity that the film can't fail to move. He evokes the desperation of the Depression-era beautifully, emphasising the quiet dignity of these families fallen on hard times. One scene in particular, as Braddock swallows every last drop of pride to beg money from former colleagues, is simply heartbreaking.

And that's largely thanks to another excellent turn from Crowe. His understated performance fends off any syrupy sentiment that threatens to strike the movie. Instead he's wonderfully restrained as an everyman who becomes something remarkable to provide for his family. Needless to say, he's also pretty convincing in the boxing scenes. Indeed, these sequences are terrific (despite borrowing plenty from the stylish flourishes of Raging Bull). Although we know pretty much how they'll turn out, the fights remain hugely exciting, each bout more punishing than the last.

Completing the sharp one-two punch of performances is the great Paul Giamatti. The film lights up whenever he and Crowe share scenes, their relationship full of warmth, respect and good humour.

But the fairytale qualities go too far with Braddock's final opponent. As the fearsome Max Baer, Craig Bierko is so hissably spiteful that he seems to have wandered in from the local panto. Thankfully, the rest of the cast, including Renee Zellweger and rising British star Paddy Considine, ply their trade with more subtlety.

Cinderella Man certainly sports an impressive technique, with great period detail, strong performances and gruelling fight scenes. But it all feels a shade too familiar to truly deliver that knockout punch, and so it remains a worthy contender rather than a true champ.