The 60's give way to the 70's.
Optimism gives way to cynicism.
Fantasy gives way to cold, crushing reality.
Midnight Cowboy is dirty and hopeless and unloved.
Voight and Hoffman conspire to elevate a relatively thin and unfocused script with intensely human performances that lend their unlikeable characters quite a large bit of sympathy.
The soundtrack, repetitive though it may be, adds a needed sense of whimsy and comfort to an otherwise smotheringly somber affair.
The editing is trippy and liberally unconventional, though sometimes again this contributes to the mildly incohesive nature of the story.
A little bit too overtly metaphorical and Freudian throughout, this nonetheless portrays the hard-hitting contrast of reality with hedonistic wishing accurately and effectively.
A more full-fledged story or a larger cast of developed characters would have helped this turn into something more.