Like the film's subtitle reads, this is a total dream into one's man surrealist and impressionistic mind-scape. Interesting visuals and mood keep the film interesting through out. A clear and probably the best transition film between the silent and the sound eras. If only other director's could have done it as tastefully as he did: plenty of visual narrative and the dialogue and exposition are kept to the bare minimum. The art of filmmaking is incorporated so nicely that one doesn't even mind the at times, thin and confusing plot.
What I liked the most is the use of colours exactly when and where it is needed. Therefore it is not a gimmick, rather than a stylistic device used only when necessary. Nicely directed piece, even though I found myself slightly bored with the actual events.
In the version I watched, Gabriel Thibedeau's music was quite tasteful and suspenful, considering that it's a tricky silent film to score with all the singing parts and the opera sequences, which easily go off-sync.