In a nutshell, yes.
I went to see Public Enemies last week, and while it was very good and looked even better (you better not be filmed in HD unless you have great skin) it didn't move me like this movie did. Public Enemies may be an art movie masquerading and an action movie but The Hurt Locker is both an art movie and and action movie. And due to the acting of everybody in it, you care about them. Public Enemies left me curiously unmoved. You know nothing about Dillinger and while Depp gave him flash and charisma to spare, there wasn't much else there. Christian Bale clenched his jaw a lot looked very determined but the star of Public Enemies is the director. This movies could be an exercise in how to frame a shot, how to film it and where to have the camera. But when I caught myself thinking (as I did near the end, during the scene right before Dillinger got shot) "wow, that is an AMAZING shot", it took me right out of the movie.
The only things that took me out of The Hurt Locker was when unexpected guest stars showed up. Otherwise, it was a perfect movie. The characters are compelling (Jeremy Renner, please get at least a nomination for this movie) the story is edge-of-your-seat scary and the whole thing just works. Renner plays Sargent William James, a specialist in bomb disposal. Every war has these guys-the ones who go in to get rid of bombs when no one else will or can do it. And whey do they do it? Are the adrenaline junkies who get off on it? Do they like solving the puzzle? Do they even know why they do it, aside from the fact that someone has to do it? It's clear that James gets off on it-he keep mementos of bombs he's disposed of that didn't kill him-if he were a serial killer, he'd trophies but these are trophies of each time he didn't die. He's not a great soldier-he's cocky and reckless and puts himself and his team into unnecessary danger. And yet...he's great at his job. And he hasn't died yet.
This movie will haunt you, not only for the scenes set in Iraq (actually filmed in Jordan) but for the look on James's face as he heads down to take care of another IED. It's as chilling as anything I've ever seen.
I notice I haven't said anything about the other actors-and I need to rectify that because Anthony Mackie and Brian Geraghty as the other members of the team are fantastic as well-Kudos to all, but especially to Kathryn Bigelow for telling a story in a compelling way and letting the actors do what they do best. This movie was extremely well-directed and by that I mean it was unnoticeable. It was a story, without anything else (like period costumes and slick shooting) getting in the way. It serves the story and that's the best thing a movie can do.