I have a tolerance for bad movies that don't purport to be anything special. For example, I'm willing to (somewhat) forgive the makers of the insanely-bad Stepford Wives remake, because it was obviously intended as summer-movie pap. But when a director goes out of his way to show off how artistic and avant-garde he is, he better have something to back it up. In this case, Guy Maddin comes up with nothing.
For what its worth, I remember having a similar reaction to this.