The Lovely Bones has been a decade-long project: traversing continents; switching directors; growing in budget; Ryan Gosling fired; Mark Wahlberg hired; delayed for almost a year. Alarm bells start to ring. Despite all the rumours and gossip-mongering Peter Jackson’s latest feature has been, rather cynically, held back for “awards season”. In other words, the studio is unsure of how its product is going to play at the box office, so is hoping critical praise might help.

What started off as a Film Four production with Scottish filmmaker Lynne Ramsey has turned into an effects-laden, multi-million dollar behemoth. The trailer hit the internet in August and instantly recalled fellow Kiwi filmmaker Vincent Ward’s “beautiful disaster” What Dreams May Come. The similarities in tone and imagery are striking (dodgy wigs included).

The inexorable rise of Peter Jackson appears utterly incongruous given his origins in low budget splatter-horror. But is it? He might have started off in the gutter but there is no doubt he was always aiming for the stars. From Bad Taste onwards each film demonstrated a growing confidence – if not in material – at least in energy and style. He sideswiped everybody in 1994 directing Heavenly Creatures – discovering Kate Winslet in the process.

With fame, plaudits and self-belief (or self-delusion?) Jackson tried his hand at remaking King Kong. It ended up bloated and too grand for its own good. King Kong’s rushed release left some seriously ropey effects shots scattered throughout. Given extra time this time round it is pretty certain old mistakes will not be repeated.

The film’s lead actor Ryan Gosling was replaced by Mark Wahlberg. This is not the first time Jackson has held doubts over his initial casting choices – Stuart Townsend suffered a similar fate a few weeks into The Lord of the Rings trilogy. Wahlberg is interesting; when he’s made to carry a movie he fails miserably; put him in an ensemble, and he delivers the goods.

Judging from the trailer (which is always hazardous) The Lovely Bones will potentially deliver on emotional wallop and staggering imagery. It may prove, however, that even for such a talented, natural filmmaker, some projects are beyond him. Maybe Lynne Ramsey should have been given a chance after-all?

One thing Jackson cannot do is low-key: everything is designed to dazzle and overwhelm. He can do emotional gravitas and create rich-textured stories (co-writers Fran Walsh and Phillipa Boyens help out there), but it appears on an ever-growing canvas. He’s slowly becoming a C.B. deMille or Steven Spielberg-type figure. The dreams in our heads have the potential to bore other people.

Already deep into his next project – co-directing Tintin – with new best friend Steven Spielberg; don’t be surprised if The Lovely Bones, like The Frighteners, becomes a curiosity in a career that has already scaled immense heights. Either way, it is not bad going for a man who started off directing a cheapo alien invasion movie and a vulgar Muppets parody. Maybe one day Jackson will return to the dark-humoured, bloodbaths that made his name. Let’s not hold our breaths.

The Lovely Bones is having a limited run in the US before Christmas before wider release across the globe in January.