This is your only spoiler warning. What a sad state of our cinema when unprofessional junk like this is considered "Oscar worthy".
I divide material into three levels. The first is the stage theatre. Here the viewer is stagnant and the power rests in the presentation of the actor and, most importantly, in the power of the writer. A good playwright is better than a good screenwriter because he or she knows the ways of words better. The best playwrights know how to create imagery that the barren stage cannot show.
The second level is film. In this medium, a weaker writer can be used, but the viewer is not sitting in one spot the entire time. With film, the context can take the qualities of visual poetry and meaning in addition to strong writing. Furthermore, film can manipulate everday elements like sound and color in ways that are almost surreal.
The final level is literature. In this context, everything is imagined by the author, translated onto paper, and then re-imagined by the reader. Far more detail can go into a novel than is conceivable for a film studio.
This is why adaptations can go up, but never down. Novelizations are never better than the base film (see the dime-per-dozen ones at your local book store), whereas the film cannot convey the same power as the original book (Catch-22 and LotR). Movies can rarely be made into plays and plays can always be made into movies.
As for 'The Last Picture Show', it fails. It is a film that should stick to the stage because the director is too stupid to shoot anything right. The characters talk the same and act the same, it's pure futility. Add to that an obnoxious soundtrack and you have an entirely unwatchable film.
I saw this in my high school drama class with about 20 other wannabe thespians. The instructor raved about how sad the movie was. What is sad is how such stagnant work is considered depressing when the material itself is hilarious. Had this been in color the scenes of impotence, the pool party, and the old hooker would be considered great comedy. Look what Lucas did with 'American Graffiti' a few years later.
The American secondary education system needs to start teaching ABOUT film rather than trying to teach WITH film. Two visually powerful downbeat films: Apocalypse Now and Barry Lyndon. Rely on them, not this. It's the 'Last' I want to see of it. 1 out of 5.