Well, there's the "worst movies of all time" lists, and then there's "you are likely to see this on your cable guide one of these days, so stay away!"
Maybe my expectations were just too high or maybe the version I saw was an afront to the original (entirely possible if he didn't edit it), but it was... I don't know. Soap opera angst meets roaring 20s gangsterism. Didn't work at all for me.