I don't have a really solid thesis here, so I'm just going to toss out some observations.

First of all, the film is absolutely gorgeous. It's shot in high contrast black and white, and some of the scenes are so well composed that they're almost distracting.

There's a sequence early on of some intense protests, and some of the shots were amazing -- three guys launching tear gas at the protesters, etc.

Second of all, I think that one of the biggest signs that this is a recent film looking back on the 60's is that it's really about how the idealism of the revolution morphed and shifted into something different. The take on this shift is really interesting -- I think that both the political phase of things as well as the artistic and more self-indulgent phase have strong points and weak points. The film doesn't necessarily take the position that things decayed.

Third, I think the romance works very well.

Finally, I really, really, really hated the ending. It was way too melodramatic. You could even say that the ending is unworthy of the film that preceded it.