Martin Scorsese, besides being a highly distinguished and successful film director, has spent a lot of his adult life educating people about film, first at New York University and through his filmed lectures -- items like A PERSONAL JOURNEY WITH MARTIN SCORSESE THROUGH American MOVIES AND MY VOYAGE TO ITALY. And, since he understands his subject both instinctually and intellectually, you can do no better towards understanding the impact of this film than by listening to what Professor Scorsese has to say about it.
Or you could look at it yourself. Certainly the conceits in it, from the startling images to the idiosyncratic usage of Technicolor should fascinate and amuse the viewer.