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If you've seen some of Leto's later work, you know he has some real range and a brave way of tackling roles. I didn't even recognize him in Dallas Buyer's Club until way after he showed up, it was a transformative role.

A pic is the worst possible way to know whether this will work or not, and to be honest, most of the question will be answered by the director and the script.

(1)- Can Jared Leto act? (YES.)
(2)- Is this a good director? (YES.)
(3)- Is this a good script? (Wait and see, but his previous work has been solid to awesome)

Look up David Ayer.

Is the talent comparable to Ledger and Nolan? I'd lean towards no, but still pretty close.

I think many people forget just how critical a good director is in making a good film. A lot of people just look at the franchise brand and the actors alone, a brutal mistake. Think of almost every disappointing superhero or action film, and you can quickly locate a 2nd rate director. That's not to say that a great director can't screw things up either, but that often comes with the 'too many cooks in the kitchen' syndrome where the studio is pulling too many strings, ramming product placement in there, too many screenwriters jacking with things, too much restriction in order to chase MPAA PG13, etc. And above all, a passion for the product comes through loud and clear. It's my theory on why Nolan went from a great film (Begins), to a legendary film (Dark Knight) to a flawed finale (Rises). I think he got to the point where he was just fulfilling the contract and going through the motions so he could move on (hence why he's dropped off the franchise as far as directing, and that hack Snyder is helming Batman v Superman).