Hardly a masterpiece. Very uneven in terms of quality. Some good moments, and DiCaprio is at times very effective... at times. It can't quite decide what it wants to be. It can't really explain the central character's decline into debauchery and self-destruction, so it is instead a kind of celebration of decadence. The humor is truly juvenile and the constant parade of sex rarely reveals character or furthers the plot. It seems more an opportunity for the director to explore his own pornographic interests. It actually gets boring. Indeed, the film is at least an hour too long. Just when you think DeCaprio has reached the end of the line, another meaningless hour is ahead. A strange combination of long scenes of exposition and rapidly moving decadence. It doesn't work.