Apparently the director's cut is a totally different film, and I'd be very interested to see it because there are moments in this version that are kind of impressive. The film has an underlying intelligence and you get a sense that the director was trying to achieve something ambitious and different. The writing is confident and subtle and the film has a bold narrative structure. On the downside, some of the editing is quite sloppy and the whole film is marred by a terrible score.
Taking the film at face value, I'd have to say that it was boring at times but also intermittently intriguing. Some of the chronology didn't cohere as you felt it should and yet some of the narrative juxtapositions were beguiling. My balanced assessment is that the film reaches for a unique, dreamlike atmosphere and sometimes it succeeds.