I have never seen an Indian movie quite like Nayak. Ray has forayed into parallel story telling, like Kurasawa's Rashomon and into dream logic like Bunuel's The Discreet Charm of the Bourgeoisie. I would personally rate it above Bergman's The Magician which also dealt with a similar theme of an actor's reality and people's acceptance of him as a super human and their reluctance of considering him as a human being. Between the two of them, Nayak is more easy to understand whereas The Magician puts its characters in various shades of good and evil throughout its running time.
No such dramatics here and this movie is as good as it gets. I would rate it as one of his best movies amongst Pather Panchali and Charulata. The dream sequences were very well produced and were relevant to the storyline on a sub-conscious level.
The subtitling on the Angel DVD wasn't very well done and the dialogues sometimes whizz by without us being able to read them in time. For people who are familiar with Indian languages, it may not be such a big deal since several of the Bengali words can be understood by them; however for non-Indian speakers this may come across as irritating.
On a personal note, I am sometimes glad that not many people know about Ray because then I am able of recommending him to people who are in the know of the movie industry.