This Claude Chabrol film is (obviously) quite unpopular with Henry Miller fans because it is not especially faithful to his original book. Still, the late Chabrol was a talent nearly on par with Stanley Kubrick, and has certainly earned the right to "re-imagine" works of literature the same way Kubrick often did with stuff like Stephen King's "The Shining" or Vladimir Nabokov's "Lolita". Miller was a better writer than King, of course, if certainly not in the class of Nabokov. Like Nabokov though, a faithful film adaptation of his best books would be well nigh impossible, which is why this unfaithful one is really no less successful than the more faithful 1970 Danish version. It has its share of sex scenes, of course, but is not as sexually fixated as Miller's writings or the earlier Danish adaptation, choosing instead to focus on the two male characters' fixation/unrequited love for the teenage "Collete" character, who falls into their lecherous hands after her prostitute grandmother dies and wills one of them her brothel.
The modern-day flashback story where an elderly Miller is painting a nude picture of a "Collete" look-alike (who may only exist in his imagination) while cursing the "one-that-got-away" has nothing to do with Miller, of course, but is actually the best scene in the movie (unrequited fantasy is always more thematically interesting than the sexual over-indulgence Miller usually traded in). At any rate, the modern-day scenes don't detract from the 1930's setting nearly as much as the hippie-looking girls and that horrid Country Joe and the Fish title song featured in the dated 1970 Danish version.
The acting is indeed a liability. Andrew McCarthy is better than usual, but then he's usually awful. Barbara DeRossi (as a prostitute/love interest) is good, but underused, and newcomer Stephanie Cotta (who plays "Collette") doesn't need to act too much, which is fortunate because she really can't. This IS certainly a misfire within the oeuvre of Chabrol, who is much better at subtle Hitchcockian thrillers and is actually one of the few French directors who HASN'T generally traded in sex-oriented films like this. This isn't bad, just not really noteworthy either.
