Scheherazade! How many back-to-back narrow escapes does it take before the audience faints from an overdose of suspense? Luckily, so far, I haven't had to find out, even though Argo came close. The story is based on real life, so I went into it knowing how it was going to end; and in spite of that, the narrative tension in the movie was so intense in the sequences leading up to the end that I was forced to suspend my knowledge of what is to come, and entertain the possibility of the 'other' unpleasant outcome while things were still playing out!
Argo has two things going for it. It is factual as far as the big picture story is concerned, and fictive as far as the plot details are concerned. The details are where the holes in our memory and the window of opportunity for narrative tension reside. And together, the fact (the real story) and the fiction (the movie) share a common 'essence', and trigger the same sentiments and streams of thought.
Since the 2000s, there have been more films based on real events than in all the ninety years of cinema prior to that. I have wondered why this is the case, especially since most of the recent stories are based on incidents that happened prior to the 2000s. This may be because retelling of past stories require big-ticket resources to accurately recreate those ambiences, without which we can't fully immerse ourselves in that world; and given that film budgets too have increased manyfold within this same timeframe, this is now more possible than before. Also, stories of the past naturally permit fictional embellishments because they require us to put ourselves in a world that we don't belong in. And retelling of stories that happened in the past can take advantage of the paradox of suspense, because when we seek a fictional version of the real story over a factual one, we are seeking "half-truths" over "the truth", and depend on them to create the narrative tension. That's how Argo delivers. Ironically, a dialogue in the film says "If I'm doing a fake movie, it's going to be a fake hit". I am of opinion that Ben Affleck made a real movie, and it was a real hit.
For a fuller experience, I suggest watching the film and reading the real story, and interviews of the filmmakers and people involved in this hostage crisis. Here's a start, for those who've watched the film, and those who love spoilers:
Of course, Wiki to Argo and Wiki to the Iran Hostage Crisis
Interview with Argo's screenwriter
Interview with Ben Affleck
Joshua Bearman's Wired write-up on Argo
The real story about the Airport Sequence
Tony Mendez on the True Story
Argo as seen by the hostage survivors
Iran's plans on making it's own Argo
Argo vs. Zero Dark Thirty
The Argo (Lord of Light) Storyboards