This one tries oh-so-hard to be a stylish giallo in the Argento-manner, combined with some erotica, and almost succeeds. Of course, you get all the pros and cons of the giallo-genre. Inventive cinematography, nice settings, elaborate murders, good score (by dePalma regular Pino Donaggio) and a plot with more twists and turns than you can shake a stick at, are bonus points plus a walk-on by Donald Pleasance who gives the picture a touch of class.
We also get silly dialogue to howl at, so-called actors/actresses who read their lines in incredibly stilted fashion (my 'fave' is the girl who says 'a maniac is trying to kill us all' with a tone of voice that suggests indigestion more than fright) and a motive for the killer that is far-fetched to say the least. Renee Simonsen is adequate in her part, as is Schanley. Because of the setting, the fashion industry in Milan, the array of beautiful women is neverending (but many of them are made up to look like hookers, not models), but almost none of them are presented in a positive way, rather as money-hungry bitches, ready to do everything for fame and/or money.
For the true giallo-fan there may be one thing that disappoints: the murders. If you are familiar with the works of Argento/Soavi/Fulci, you know that the murders should be vicious and yet beautiful almost. "Nothing Underneath" builds these set-pieces with some flair, but the payoffs (i.e murders) are usually (with one exception) pretty lame. However, the last ten minutes are quite suspenseful and competently put together, and Vanzina manages to pull off some neat set-pieces. Give it a try, but don't expect too much.