Okay, maybe the fact that I don't speak japanese and had to use subtitles plays a factor. Maybe the fact that I don't know anything about japanese culture is an even bigger factor. But, I know a good movie when I see one and this is not a very good movie. True, it's different from today's main stream cinema, but being different doesn't make a film good. First of all, the content is not as bad or twisted as reputed. If the violent content is why you're watching this movie you may be disappointed. Irreversible is much worse than this film. Aside from the first 5 or 10 minutes or so and the final 10 minutes this movie is actually pretty slow.
Secondly, the plot was more or less non-existent. Now don't get me wrong, I'm aware that many films tend to focus more on imagery than plot, but there was really nothing driving this movie, or holding those images together in a sensible way. After about 30 minutes of boredom I was tempted to just get up and fast forward to the end.
Now the end of this film is a different story. The "grand finale" is actually pretty good. There's more action in the last 10 minutes than there is in the rest of the film. Unfortunately, alhough it may be action packed, the end, in my opinion, does not make the movie worth watching.
In Miike's favor I will say I like the fact that he asserts his authority as a filmmaker. He presents the images in his head to his audience the way he wants them to be seen. He doesn't limit himself with genre or the "popcorn factor" and I can appreciate that. Believe it or not, I do think this film has some artistic value. I just don't think it's a very good film. If you're looking for violence and a good plot check out Battle Royale, and if you're looking for art with a kick (Dead or Alive has the art part down, just not the kick) check out Time and Tide.
On a side note, my roommate who watched Dead or Alive with me says, "it's shockingly pointless and if you want to save time just watch the beginning, the end, and go out and get drunk."