Hmm. Maybe watch it if you have time, but I think the albums are more important. I feel that the movie does form part of the bigger picture of Bowie at that time – which I find was one of the most interesting points in his career, despite being possibly his lowest point in his private life with money problems and drug addiction etc.
I watched it for the first time in years, a couple of months ago. Somehow it made more sense this time (although there's still no need for the full-Bowie nude scene!).
It's not a bad film for its age, although I don't think it's everything it's cracked up to be. A bit too long I think. This time though, I did notice that there's a scene near the end of the film in a record shop, where David walks past a display of his own Young Americans albums! Nice touch.
And of course, the cover artwork of Station to Station and Low are taken from TMWFTE. The working title of Low was New Music Night and Day and started life as the soundtrack to TMWFTE, only to be discarded at some point at Nick Roeg's change of mind.