Titanic is essentially an Irwin Allen disaster epic, as were both The Abyss and True Lies. All three pictures are, at heart, domestic melodramas, albeit very expensively mounted and elaborately staged ones.
As a life long Irwin Allen fan I have no problem with Hollywood Spectacle over substance if the spectacle is handled as adroitly as Allen and Cameron have done.
My issue with Titanic is that (unlike, say, The Poseidon Adventure) the events depicted are based on historical tragedy. If nothing else I wish Cameron had hired Ruth Prawer Jhabvala (Merchant-Ivory’s favorite scenarist) to take a polish pass on the dialogue. I mean, I have no idea what Molly Brown actually said as she watched the Titanic slip beneath the surface, but I’m almost positive she didn’t rip off Bill Murray’s “There’s something you don’t see everyday” line from Ghostbusters.
In any case, your remarks re: tone are well founded. For example, I firmly believe the biggest problem with the Star Wars prequel trilogy is a relentlessly somber tone that is incompatible with the OT’s effortless Saturday Matinee-style goofiness. Star Wars is at its best when we sense Lucas isn’t taking himself, his material, or his audience too seriously. The problem with Titanic is that Cameron doesn’t take these things seriously enough.
But, as usual, I digress…