As another reviewer noted, this is Russell at (perhaps) his most excessive. It is interesting that this falls before Altered States, Gothic, Lair of the White Worm, The Rainbow, and Whore in creation, but after The Devils and Tommy (and others including Mahler) -- I believe if nothing it else it shows how remarkably creative Russell is, and how in some ways his worst can outdo some current movies out there. Still, if you love Russell this is worth seeing, and certainly is similar in style to Tommy (I think he brought over some glitter crosses from Tommy in fact). Paul Nicholas is fun as Wagner, and the female actresses are all refreshingly interesting.
The DVD itself has some image quality issues, perhaps based on the source material, at times seemingly fuzzy -- I would love to see this in some sort of Blu Ray collection along with Mahler and Valentino and other less well seen movies, with a view to better resolution. The soundtrack is crisp and healthy on my Sony Bravia, and the speaking parts come through with no noteable dropout.
Overall worth seeing. Not Russell's best, by far, but certainly entertaining.