The good news is that the execs seem to like the picture, which is finished, “locked” as they say, ready to go on May 5. Less than 30 days out, only Paramount execs and test groups have even seen the action adventure thriller.

My sources say, “The film is all about Philip Seymour Hoffman. He really carries the picture.”

Uh, but what about Tom Cruise, the star? “Tom’s good, but Phil makes an incredible villain. He has the best lines. You won’t forget him.”

Hoffman comes into “M: I3” with an Academy Award. I’m told audiences in test screenings have cheered for him. But I’m also told the same audiences cheered for something else.

“There’s a scene where Tom gets beaten up pretty badly,” says a Paramount insider. “And the test audience clapped. It was kind of weird. You’d think Tom’s people wouldn’t have allowed it to stay in the film.”