Baz Luhrman movies are over the top spectacles, movie length music videos full of grand emotions and themes.
As with many things you simply have to like his style.. many people dislike Tarantino movies (i adore them) because it's not up to their taste. That's fine but at least Luhrman has a distinctive style and goes outside the standard Hollywood formula once in a while.
I really liked Romeo + Juliet with a young DiCaprio and Danes or Strictly Ballroom which also had some outrageous characters. Moulin Rouge, when i saw it at a friends place, instantly rocked to the top of my charts because i'm a sucker for good cover versions of songs i like and i was pleasantly surprised at the quality of the actor's singing.
The tango scene to Police's Roxanne has got to be one of the best covers i ever saw and the dancing of Tango (real argentinian Tango and not the ballroom crap) just made it perfect.. or one of my Queen favorites "The Show must go on" (written by Freddy at the height of his AIDS sickness shortly before he died).
Simply put.. it's one of my favorite movie musicals.