Very cool structural film, pretty typical Soderbergh experimentation. Layers. I thought it was all pretty subtle and well-crafted, not meta in an annoying way. The moment when the film-within-the-film is revealed as such felt pretty cool and climactic. The keyhole sex scene was simply gorgeous, and there are many other very gorgeous moments in the film.
What I will say is that, although the formalism stands the test of time, the actual drama in both this film, and Sex, Lies & Videotape don’t quite. The relationships and dynamics explored are a bit typical, and don’t entirely hold interest for the entire duration. Something about them is just very classic and identifiable as 90s indie drama.