[Moving this from the main section into this thread]
As a fan, the best review I can give Raees is that I was quite nervous going into the film but I came out satisfied and at ease. Going through Raees after-effects now and SRK's performance is lingering in my mind.
A solid film that weaves crowd-pleasing elements around a gripping and smoothly-flowing narrative. A cat & mouse chase done right. It's not unique or unattempted cinema (like FAN) but it's cinema made for the big screen, there's a number of moments you live for as a fan.
Raees is a performance-driven film. No surprises that SRK gives a fine & WOW performance that's among his best. It's quite a layered role. SRK's acting really peaks in the intense and emotional scenes - his acting from climax to the end is a sight to behold. Nawaz is the perfect foil for SRK and his character goes toe to toe with Raees. Nawaz has more than once overshadowed the lead actor in his films (Kick & Badlapur for example) but SRK is on another level in Raees.
If not spectacular, it's a smooth ride so can't think of much downsides except that the second fight scene was over the top, Zaalima song could've been removed and the film doesn't offer anything new in terms of narrative (not that it dimmed my experience).
That's all for now to avoid any spoilers.
I've been taking lesser interest in box office lately but, more than my personal liking of the film, this is one film I really want to be a solid success as there's a lot riding on it.