Freddie Mercury exuded an easy joy in his eccentric and confident but not arrogant way. Watch the real Live Aid footage, Freddie brings a smile and joy and just falls into the music. In the film it felt stiff and forced.
Rami Malek seemed like he was trying so hard to capture Freddie's persona that he appeared much more serious and didn't seem comfortable in his skin. He went through the motions of performing but he didn't portray the absolute joy in the music. (Like closing your eyes and having your ears experience something so unique and amazing that you get a chill down your spine.)
Rami's speaking voice didn't fit for me. I think they may have taken the overbite a touch too far and the mustache looked like bristles from a broom. Freddie's mustache seemed softer looking to me.
I didn't hate it. I think Rami did as good a job as he could. Is it Oscar worthy? I don't know. I did watch the movie twice.