The plot at face-value isn't stunning, but the characters are all pretty interesting. A touch of camp keeps the mood light. Perlman definitely steals any scene he's in. I think the ~5/10 rating reflects the strength of the characters alone.
The movie as a whole makes a lot more sense when seen as an allegory, in particular the characters of Mr. D and Jim. I keep thinking of moments that probably meant a bit more. It definitely merits a second view.
After thinking about the weirder parts/themes- I see a mostly light- hearted attempt at addressing the faustian nature of compromising your self/values in exchange for worldly reward.
It is refreshing to see a movie that you can think about a bit. It's like an actual attempt at art. At the same time it doesn't come off as overly pretentious or purposely inaccessible. It's been a while.