The film has a lot of potential, with tons of funny and impressive scenes and situations, characters who are made complete and alive with only a few brush strokes. It starts off as a wry satirical depiction of Japan's TV land and "Jollywood," and becomes increasingly surrealistic as it moves along (I'm using the word moves very loosely, as I couldn't see much plot development). It's Takeshi's 8 1/2, referencing a lot of the director/performer/producer's earlier work and showing his agony as artist and celebrity... There were also references to several classics (Scorcese's Taxi Driver comes to mind, for one) I'm only giving it a 4, as the last third of the film falls apart in a jumble of disjointed scenes, some of which remain too static too long.
I felt that Takeshi's contained enough stuff for several enjoyable movies, but a lot of it went to waste and was repeated ad nauseam. I think viewers could have a better experience with this movie if they were prepared to sit back and relax, enjoying eye candy and little bits thrown on the screen. To expect a follow-able plot would be a big mistake!