This film is an allegorical presentation of the story of Ludwig II. That is, this film depicts the *myth* of Ludwig II. But don't expect the myth to amount to much in terms of a plot. Ludwig's life is told in a series of episodic tableaux, or loosely related visual metaphors (a technique which happens to be one of Syberberg's specialties). This is a good thing, contrary to what you might expect. The clever poetic quality of the film is what constitutes its enjoyment value. At times, however, the symbols are far too ambiguous or esoteric to actually represent anything. The pacing is also unbearably slow at points.
Although Syberberg is usually considered a member of the "Neues Deutsches Kino" movement, his style really has little in common with his contemporaries. You will not find the ungainly, haphazard, gratuitous incoherence typical of Wenders and Herzog. Nor will you find the dark cynicism of those two directors. I would argue that most of this film is genuinely funny, in a subtle and lighthearted way.
You should be aware that Syberberg is prone to the unfortunate Franco-German tendency of characterizing ideas as products of a particular race, and that he spends much time in the film attacking the "Anglo" idea of industrialism. That being said, he also takes swipes at Nazi figures (largely by associating them with the "Anglos"). The politics are at least strange enough to seem pleasingly exotic.
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