So.... why one star? Because, honestly, it's boring. It kind of does to New Orleans' red-light district what Reds did to John Reed.... sucked all the excitement out of the story in an effort to make it artistic.
It's well acted, but it's weak on plot, weak on story, weak on entertainment.... but, like Reds, it's one of those movies that you have to watch because 41 years after the fact it is still being talked about.
But, to be fair, I guess it's hard to make a movie about someone that takes pictures and make it riveting. After all, E. J. Bellocq wasn't exactly Robert Capa