For a nominal "suspense" film, this provides precious few thrills. The romantic subplot involving wimpy, neurotic Charlotte Rampling and the less-than-compelling Derek de Lint goes nowhere. Pointless fantasy sequences are introduced, and the backstory relating to the serial killings of the local drag population is never developed.
On the plus side, the cinematography is a treat-- long moody sequences shot in a half-empty Belgian seacoast resort. And this is, after all, the film that pioneered the "Crying Game" scene-- reason enough to see it, in my book.