I watched 'Il Divo' by Paolo Sorrentino a while back, and was impressed. But 'The Great Beauty' is even a better film by this director, based on the DVD version that I saw.
There is much similarity between this film and the dated version, 'Roma' by Fellini. But visually this film is far superior, and deserves repeated viewing. To follow the dialogues by reading the subtitles is a demanding chore for me. Often I had to pause the film to know what was said. So a 2nd or 3rd viewing will be necessary for me to grasp all the philosophical discussions, some fairly relevant and entertaining, that took place. The protagonist played by Toni Servillo is top-notch, chain-smoking regardless.
In summary, this is a 'must' for all fans of Italian cinema.