The 1969 version of this same screenplay is infinitely better. For one thing, the themes (prostitution, pimping, homosexuality) and subject matter (psychological & sexual humiliation and domination, with very vulgar language) were edgier and more shocking then. Especially when taking into consideration Brazil was in the middle of the 1964-1984 right wing Military Dictatorship. The black and white cinematography add to the atmosphere, and the cast (top notch at its time) of the original include Brazilian screen legends, a couple still active on TV today.
The film is based on a play by Plínio Marcos, and this 1997 remake is and feels dated as are its stars, who are at least 10 years too old for their roles (and in average 10 years older than the actors and ages mentioned in the lines of the 1969 film). Watch the 1969 version instead if you can.
If you have access to Brazilian Cable or satellite TV, you can catch both (at least this year, and probably through 2006) on Canal Brazil, dedicated to national cinema and the only all-Brazilian movie channel usually part of all cable and satellite packages and transmissions.
This is not a plug. This channel is the only place you'll ever be able to catch old Brazilian films, as most were never transferred to video, let alone DVD (except half a dozen "classics" - usually considered as such by foreigners and not by Brazilians themselves). So, watch out for either version of "Razor in the Flesh" - this title in English, also a literal translation. Both versions prove that Brazilian film and social norms have always been so progressive and permissive, in many ways the country has always been unlike any other in the Americas.