If there’s one thing you can say for director Baz Luhrmann, it’s this: the man knows how to throw a party. Having made a name for himself with the Oscar-winning musical Moulin Rouge, Luhrmann is now making his first return to feature film since 2008’s Australia, with a $150 million 3D adaptation of F. Scott Fitzgerald’s Great American Novel, The Great Gatsby.

Leonardo DiCaprio reunites with his Romeo and Juliet director to play the eponymous Gatsby, while Carey Mulligan plays his estranged love Daisy, and Tobey Maguire stars as narrator Nick Carraway. The period drama will be played out with a score by Jay-Z, and songs from a number of artists including U2 and (if the rumors are to be believed) Lana Del Rey.

The first trailer was released last summer, and had a particularly ominous and brooding tone, focusing on some of the film’s darker elements and the build-up of tension between the characters. A second trailer was released in December, and had a slightly more upbeat, fast-paced feel – building hype and backstory for the film’s central character and showing more clips from the extravagant parties that Gatsby throws in his mansion – before ending on a slightly darker note with Filter’s explosive cover of The Turtles song “Happy Together”.

Ahead of the film’s release in May, two new TV spots have been unveiled that include some clips that we’ve seen before, along with brand new snippets of the film. You can watch the first TV spot above, and the second below.

The song in the first TV spot is a cover of U2’s “Love is Blindness” by Jack White, and in the second the music is “No Church in the Wild” by Jay-Z and Kanye West, both of which we’ve seen featured in previous trailers for The Great Gatsby. The second TV spot also features a blink-and-you’ll-miss-it spoiler for an event near the end of the book.

Judging by what we’ve seen before from Luhrmann, audiences may end up as divided on The Great Gatsby as they have been on his previous works. The director has a particular kind of sumptuous vision that can be cloying for some film fans, but is pitch-perfect for others. Similarly, I think we’re going to see a lot of people taking affront at this potentially jarring combination of period drama with modern rock and hip-hop, while just as many will find this extravagant 3D reinvention to be a refreshing update of Fitzgerald’s novel, with a soundtrack that succeeds in making the Roaring Twenties roar again.

I’m on the fence about Baz Luhrmann, but I can’t deny that what we’ve seen of The Great Gatsby so far is pretty exciting, and I’m looking forward to seeing it on the big screen this summer.

The Great Gatsby is out in theaters on 10 May, 2013.