It's been in my Netflix queue for a while, but I decided to sit down and watch it last night. In a word... it's trippy. In somewhat more explicit terms, it's pretty fucked up.
I don't want to give away the plot, but it's set in 1983... and it was designed by the director, Panos Cosmatos (son of Rambo and Tombstone director George Pan Cosmatos) to look as if it could have been made in 1983. It was shot on film, there aren't any CGI effects that I was aware of, and all the performers act in character... there's none of the cheesy "period" stuff you see that's supposed to mark a specific era. (So, no breakdancing or Rubik's Cubes.)
But —and again, I don't want to give the plot away— the point of the movie seems to be that the "past" is really made up of the residue of previous pasts that went before it. The utopian-minded protagonist is living in Reagan's America, but at the same time he's carrying the memories of the better world he was trying to create in the '60s and '70s. The movie is absolutely redolent of imagery and ideas from the psychedelic/extropian/transhuman movements of the period, as seen in magazines like Future Life and OMNI. The characters in the movie likely expected to be living on space platforms, building supercomputers, talking with dolphins, developing psionic powers, and traveling to Mars by 2000, but what remains is a weird modernist Gothic ruin with a dirty secret. And the tone of the film shifts rapidly from '80s Cronenberg to something more Lovecraftian.
Anyway, see it. But see it sober, or something may come back with you, and you'll have to spend the rest of your life wearing appliances in public.