I could probably write a book on why this movie is terrible, but here's the highlights. The story is a mess, the characters drift in and out with no purpose to their actions, the central conflict of the movie is forgotten for almost two hours in the middle of the film. The climax is incompetent in it's idea and execution. The cinematography is too hazy so you can't really tell what's happening a lot of the time. The sound design often covers up dialogue and makes many scenes completely unintelligible, and not in that interesting McCabe and Miss Miller way where you can pick up snatches of ancillary dialogue here and there. Should have been much better than it was.
What's great about it: It's a criterion edition
What's not so great: It seems to be the worst movie ever made