In an era in which theatrical motion pictures prize spectacle above all else, James Cameron has once again out-spectacled them all. With “Avatar: The Way of Water,” Mr. Cameron reaffirms himself as the blockbuster director of his generation—still the king of the world. It’s a deeply immersive, utterly enchanting three-hour escape that can’t be compared with anything except its 2009 predecessor, which for several years was the world’s highest-grossing film (in nominal dollars). To distinguish it from the first film, some might call the second entry in the proposed five-movie series “W.O.W.” And “Wow” is as handy a one-word review as any.