Fellini is over rated (!). There, I mentioned it. His 'indominable imagination', while influential as far as filmmakers such as Terry Gilliam are concerned (see Criterion's 81/2), is simply not enough to sustain narrative or deep thematic concerns. He does not hang enough ideas on these elaborate constructions, seems more or less disinterested in developing the figures he creates beyond extrapolating on their grotesque/freakish/cute/unusual qualities. He really does not like women very much (but then I suppose not many male filmmakers do). The conceptualisation of his female characters always falls within the(yawn) well defined limits of the old madonna... thing. Women are capricious, sexual, wanton, barely glimpsed, desired (etc.) or hag-like, stupid, ugly (etc.)in Fellini's films. In this film the Chaplinesque main character, a woman, is made out to be rather a dullard, her cloying cuteness and mugging at the camera notwithstanding.
But that's going off at a tangent; the films are pretty to watch and this one has a particularly interesting context (Fellini wanting to break through the confines of the familiar neo-realist tradition of that period in Italian cinema etc.), but the razzle dazzle and surface beauty of the film while captivating at first soon becomes, quite frankly, boring.