As someone who has both read the novel and seen the film, I have a different take on why the film was such a flop. First, any comparisons between novel and film are purely superficial. They are two different animals.

The novel is probably intended as a satire, but it arrives as a cross between tragedy and polemic instead. Any comedic elements such as those which later formed the stylistic basis of the film version are merely incidental to the author's uniformly cynical thrust. And lest the omnipresent white suit of the author fool you into thinking this is another Mark Twain, think again. A more apt literary precedent would be the spectre of Ambrose Bierce in a top hat and tails. Tom Wolfe is equal parts clown and hack, more celebrity than author, always looking for new grist for his self-absorbed mill.

It is therefore no wonder that the excellent production skills and direction lavished on the making of the film were doomed from the start. Unlike true satire, which translates very well into film, polemics are grounded not in universally accessible observations on some form or other of human behavior, but in a single-minded attack on specific people -- whether real or fictional straw men -- who have somehow earned the wrath of the writer. Any effort to create a successful filmed story or narrative from such a beginning must have a clean start, free of the writer's influence or interference.

Having said that, I too find fault with the casting. It is not merely that incompetents like Bruce Willis and Melanie Griffith fail to measure up, but that real talents like Tom Hanks, F. Murray Abraham, and Morgan Freeman are either totally wasted or given roles that are mere caricatures.

There is enough topical material here for a truly great film satire, but it fails to come even close.