I also picked up this film on VHS at an independent video store, and I was very taken with it. First, the film is a masterpiece of physical acting. Even thought they were speaking a number of different European languages, without subtitles, I had no problem understanding what was going on. It also makes wonderful use of surrealist imagery. I don't know a lot about Picasso, but I imagine someone who did would find this a fresh and entertaining take on the life of the man. Like a piece of Picasso's art, this movie is beyond language, I was left feeling like I knew how the man thought. If you enjoy physical comedy, this may be the most highbrow movie of that kind you'll ever see.
Review of The Adventures of Picasso
