I finally saw this, for the first time, earlier today.

Rating: 5/10 (18 March 2012)

It was alright. But, worthy of the Best Picture Oscar for 2011-12? Uh-uh! No way!
For one thing, there were less people in attendance, at the theater I saw this at, than there were at the debut of TEARS OF LOVE (the silent jungle flop personally financed by "George Valentin" within the movie)!
And, why did Malcolm McDowell waste his talents by doing a thirty-second cameo appearance? Who was he supposed to be; Charlie Chaplin? If so, that's an even bigger disservice to Chaplin, himself! The man was still a justly-revered figure in Hollywood, in 1927, and would _never_ have been relegated to appearing as an extra.
Were it not for the obvious chemistry of the two French leads, I would have given this little period piece only one star. And, even then, I would classify this as an undeniable "must _never_ see."