I've tagged Carlos under both film and television, which I think is appropriate. It was made as a TV mini-series running in three parts. It has been shown rarely as a complete movie, but the more standard presentation, as far as I can tell, is to show the three parts separately on TV. There are also edited "movie versions" than run two-and-a-half to three hours. I watched the entire series of three, which makes it a mini-series, but if you watch it, you'll see why I think it's a movie. It has the look of a movie, with its 2.35:1 aspect ratio. Carlos plays like the long-form serial television series that have become the standard for quality TV today, taking advantage of the extended running time to offer depth that wouldn't be possible in a shorter film. But the way the story unfolds reminds me more of a movie like De Palma's Scarface than it does a series like The Wire.
In fact, Scarface makes an interesting comparison with Carlos. Both are epic-length stories of the rise and fall of a narcissist on the wrong side of the law. One thing that would seem to make Carlos different is that its titular character isn't a mere gangster, but is rather a political terrorist. But politics takes a backseat throughout the film ... it's not as different from Scarface as you might imagine.
The scope of the movie is impressive. In covering the career of Carlos, Assayas takes us from 1973 through 1994, and crisscrosses nations and continents: London, Paris, Vienna, the Netherlands, Yemen, Germany, Algeria, Libya, Budapest, East Berlin, Syria, Sudan. Yes, at times it's a bit confusing, but the overall feel of the life of an international terrorist is clear.
Édgar Ramírez plays Carlos as a charismatic man who we can see would easily impress others. He's ultimately not very good at his job ... his most famous escapade, a takeover of an OPEC conference, mostly results in flying from airport to airport with hostages, never accomplishing any goals, until finally they take money in return for releasing the hostages. Nonetheless, the OPEC sequence is a masterwork in the world of action/thriller cinema. Assayas is more successful with his representation of the OPEC events than Carlos was in trying to pull off the caper.
The film does well in showing the grungy glamour of the lifestyle of Carlos, as well as his gradual fade from importance. The third chapter, which deals with the decline, is necessarily less exciting than what came before, but it does provide some closure on the story.
What is missing is a sense of the politics that drove Carlos and his associates. People toss off standard catch phrases about the revolutionary struggle, but the film rarely goes deeper than those phrases. Assayas is more interested in the character of Carlos, and he is very successful, but the ultimate lesson to be taken from the film is that the politics never really mattered, that Carlos' self-involvement was the key to the story. I don't need Assayas to provide an explanation for terrorist acts, but even with the decades-spanning nature of the movie, the individual acts almost seem to lack context. They work as scenes in an action thriller, but you wouldn't watch Carlos to learn about revolutionary thought.
Nonetheless, Carlos is a triumph of epic film making, riveting for most of its long running time, with a terrific performance from Édgar Ramírez. #205 on the They Shoot Pictures, Don't They list of the top 1000 films of the 21st century. 9/10. For a companion film, try the aforementioned Scarface, or something with a similar topic, like The Baader Meinhof Complex.