Three stars is about right for this film. Kusturica has become a phenomenal director, and while some of his more familiar tropes are present here--the anti-hero, extreme zaniness, gypsy music, etc.--this film doesn't compare to his later films, especially Time of the Gypsies and Underground.
That's not to say this is a bad movie; quite the contrary. It's just that Kusturica's later films are so good that this one seems disappointing by comparison.
However, it's worth watching if for no other reason than the interview with Kusturica that's one of this dvd's extras. Kusturica tells about his filmmaking style, his ethos, and how he was influenced by studying at the Prague Film School, as well as by Hollywood pictures from the 1940s to the 1970s. It's very informative, and goes a long way toward helping one understand his later movies.