At the time of its release this film attracted considerable notoriety for its explicit sex-on-the-kitchen table scene. Apart from that, this is a pretty unmemorable film, although it's hard to fault the performances of either Jack Nicholson or Jessica Lange. You could put it down to a lack of 'chemistry' between the two stars, but in my opinion it's simply that a story such as this deserves to be told in moody black-and-white.
In the early 1980's there was a minor Hollywood craze for remaking classic 'film noir' movies from the late 1940's. This film (like 'Cat People', whch came out at about the same time) was not a bad film, but its main achievement was to remind everyone how good the original film was.