Absolutely nothing to do with the book
I just saw Story of the Eye after having bought it off Diabolik, and have to say that I'm pretty dissappointed. I figured it wouldn't follow the book very closely, but I thought there would at least be some connection. Nope. The sex scenes don't even go in the weird places that Bataille does - compared to the book, all the oral sex here is pretty dull. 80 minutes of people wandering around, finding other people, and having sex. No bullfighting. No priest. No eyeball cut out.
Shucks.