Witty barbs, fabulous fashion, a touch of romance, some big name cameos and a sensational surprise appearance by a superstar singer — this sequel to the film that was foundational for a generation of millennials is worth the wait. There is a lot to love for those who are most familiar with the original (look for Andy’s cerulean blue sweater and a pair of near-identical belts) but returning screenwriter Aline Brosh McKenna knows that the world has changed and her characters have, too.

In the original, based on the novel by former Vogue intern Lauren Weisberger, the fashion magazine plays an enormously influential role in a multibillion dollar industry. It’s not that Runway editor in Chief Miranda Priestly (Meryl Streep) can just get away with being legendarily imperious and laser-focused; she needs to be to do that job. Well, possibly she does not need to be quite so demanding, but as we saw when she acknowledged the reality of a second divorce in one of the first film’s key scenes, she has feelings and even moments of vulnerability.

Times have changed. When we last saw Andy Sachs (Anne Hathaway), she was the second assistant to Miranda, essentially getting coffee, dropping off the draft versions of the magazine at Miranda’s home, and hanging up her coat. She was also being terrorized by the first assistant, Emily (Emily Blunt) and getting some support from the magazine’s loyal photo editor, Nigel (Stanley Tucci).

In the opening scene of the new film, Andy and the newspaper she works for receive prestigious journalism awards just as the entire staff is fired and the publication shut down by its new owners, some sort of investor group that sees them only as a balance sheet liability. Where the first film was based on the then-reasonable assumption that journalism produced credible information that was widely respected, even a speciality publication like a fashion magazine, this one recognizes that people are as likely to get their information from social media as a newspaper and that as a result of the cacophony of information and re-alignment of advertising and other revenue sources, the providers have become siloed and shrill.

Runway, perhaps from the pressure to publish constantly, made an embarrassing mistake in an article about a fast fashion brand and is widely derided for it. (The memes online are very funny). The wealthy owner of Runway and other publications, Irv Ravitz (Tibor Feldman) wants to respond by bringing in someone with excellent credentials as a journalist. So he hires Andy as Runway’s features editor without asking or even notifying Miranda. Her first assignment is to accompany Miranda and Nigel to grovel before one of their biggest advertisers, Dior, now led by Emily. And Miranda says to her, “All I need to do is bide my time until you fail.”

Miranda’s diva behavior may be diminished in light of the altered status of the magazine and a complaint to HR that now has her hanging up her own coats. But she is still a Dowager Duchess-level purveyor of acid commentary and Streep, as always is never short of magnificent, clearly relishing the opportunity to make Miranda more complex and real. Blunt, whose appearance in the first film was a major breakthrough for her, also gets to do more with Emily. All three are spectacular.

The men in the lives of these women are Kenneth Branagh as Miranda’s violinist husband (supportive), Justin Theroux as Emily’s billionaire boyfriend (comically arrogant), and Pete (Patrick Brammall), a dashing new love interest for Andy. They are very much secondary characters and do very well with it. Also worth spotting: Pauline Chalamet as a Runway staffer, Lucy Liu as a sought-after cover story subject, and many real-world celebrities, especially at Miranda’s Hamptons party, including Jon Batiste and  Suleika Jaouad,, Jenna Bush Hager, Naomi Campbell, Winnie Harlow, Donatella Versace, Molly Jong-Fast.

And the fashion! Wild and stunning. The glamor includes a fabulous fashion show in Milan in addition to the eye-popping ensembles of the stars. Watch for Streep’s amazing tassel jacket, which should inspire a lot of ransacking of thrift stores from DIY fashionistas.

The balance of fashion, fun, and character development keeps things moving and it’s thoughtful enough to have some meaning but light enough to be entertaining. A lot has changed in the worlds of fashion and journalism in two decades, but director David Frankel, screenwriter McKenna, and the powerhouse cast know what it takes to make a movie as irresistibly appealing as a classic little black dress.

Parents should know that this film has some strong language and some suggestive references. Characters drink alcohol.

Family discussion: What news sources do you like and why? What outfit in the movie was your favorite? Should Andy write the book?

If you like this, try: “The Devil Wears Prada” and a great documentary about Vogue, “The September Issue“