For about an hour this is one of the best sensory experiences a movie has ever offered. But when you realise it has little else to it, the second half becomes trying and by the final standoff you've given up caring. I had no problem with the 'divisive' direction, but the movie's just too damn long for such a thematically empty plot.
Unlike most on here, I'd be fine with DiCaprio winning the Oscar. He's had more interesting performances, but I'm just a sucker for someone going through that much shit for a movie.
PS - my girlfriend loathed it. I've never seen someone so happy to leave a theater.