Since the day I saw this film when it came out in 1981, it has been one of my top 3 favorites. The blurb I wrote for Amazon is below, and I'm just thrilled that it's finally coming out on DVD on 10/17/06 - the film's 25th anniversary.
The last credit in this film explains its appeal - "Thank you to the people of Manhattan on whose island this was filmed." A charming and witty romantic comedy, it is a love story written to New Yorkers (Peter Bogdanovich is a native) who can identify every location (West 12th Street, the Ansonia, the old FAO Schwartz, the Plaza, the Roxy, Chez Brigitte, and City Limits which was a country & western club). One gets the impression that the entire ensemble cast clicked as well off-screen as they do on, and this intimacy is clearly communicated. I laughed, I cried, it was better than CATS. Not only an ode to Dorothy Stratten, it was also Audrey Hepburn's last feature appearance (she had a cameo subsequent to this film) and her inner beauty seeps from the screen. Buy it, make a big tub of popcorn, and curl up with someone you love.