It was alright. It didn't have much of a narrative cadence at the end, despite the fact that the story is fairly muscular until that point (definitely not a slice-of-life movie). I had to get used to its disjointed storytelling - the film jumps from scene to scene rather freely - but I did acclimatize after a while. The acting is good. The look of the film is solid (it was made in 1982 and is set in the 30s - so there's the fun of finding the 80sisms in the period costumes and sets (by which I don't mean anachronisms; I mean the 80s perspective of 30s couture and design)).
Both the script and the direction are very blatant at some points. The implication that the sculptress and Nicoletta are gay, the exposition of theories of the Theatre, these were hammered home too clearly (or boldly) for my taste.
It was certainly worth watching, and I think it will be worth re-watching.