I'll keep this one short.
Overall, very interesting. Pretty cool concept, intriguing details revealed at a tantalizingly slow pace. I felt it took a bit too long to get into the story, but once it took off it was pretty effing great. But then the end was a bit of a letdown.
I would almost relate it to a season of Lost condensed into 2 hours: cool premise, lots of questions raised that really hook you in, answers to questions raise more questions, but then not enough payoff. For me, anyway. I'm all for leaving some loose ends, but you have to be fair and give me a little more resolution.
One of the odd things (to me) was that it's set in 1976. And honestly, it seems like the only reason for this is so Richard Kelly can interject clips from some of his favorite childhood TV shows. Seriously. It's that obvious.
Fun tangent- one of the pre-movie trailers they showed was for a Mel Gibson flick called Edge of Darkness. Brief synopsis: He plays a rogue cop who brutally suffers the loss of a loved one and is driven to revenge at all costs.
Read that again. Because I don't know about you, but I'm not sure Mel can pull a role like that off. Kind of out of his range, doncha think? (go to IMDb and look up how many movies center on either revenge, loss of a loved on, or both. Nevermind, I'll save you the trouble- it's a fuckin' shitload. Signs, The Patriot, Braveheart, Payback, Lethal Weapon, Ransom... fuck it. I give up.)
Last thing about the movie- it further reinforces Richard Kelly's fascination with water and his love of diagrams of people with arrows projecting from their chest.
Oh, and he may be a misogynist. Not sure yet, but the movie supports it.