Didn't love it right away. Now a favorite
As I wrote in title. Originally I wasn't very into this film. I loved psychedelic movies and early Fellini but this just didn't click. I had watched early Fellini and was ready for that realism. That with the addition of color and very apparent lip synch on the tracks gave this a strange spoof kind of feeling. (All Italians used the post synching, it just seems more pronounced in this film) But I found myself thinking about it for some time after. After going back to it I liked it more and more. It is wildly indulgent but that's sort of its charm. I think Roger Ebert's review is a great take on this movie.
http://rogerebert.suntimes.com/apps/pbcs.dll/article?AID=/20010805/REVIEWS08/108050301/1023
As to the soundtrack, AMAZING! You have to find the version with the cover that looks like an outline of roll of film or something if you want the lady singing at the party.
http://www.amazon.com/gp/aw/d/B000VVZIG4