The opening text gives you a warning this film might be offensive and tries to give the impression & expectation of extreme content. It does not deliver. Instead it is fairly tame by X-rated standards.
The main reason for watching "Niccole" is to see Suzanne Fields (credited as Sandra Dean) who's main claim to fame is a (non-sex) starring role in Flesh Gordon. She has also acted in several non-sex roles & fully participated in other X-rated films including with John Holmes in "Around the World with John "The Wadd" Holmes, a major X production of the 1970's.
This film is basically a six scene porn with a minor plotline. The story of 'O' (the book) is basically only borrowed slightly as a plotline. There is some bondage and spanking but fairly brief and hardly graphic in nature. Suzanne Fields plays the part of Niccole. She narrates (besides her performance) between scenes which helps to connect the scenes and maintain the plot & her character. There is actual dialogue by others in the cast.
It should be noted, this film is never included in lists of movies based on "The story if 'O'" book. There are several other softcore & hardcore movies based on the book with Gerard Damiano's "The Story of Joanna" the best known for X-rated.
Be aware if you look to purchase a copy of this film, the picture quality is not very good. It was filmed on a budget that did not include quality cameras or film. Available prints which were used for video or DVD are heavily degraded decreasing picture quality further.
This is worth watching for Suzanne Fields fans or that are interested or curious on bondage films of the early 1970's. Otherwise you will probably want to try another movie.