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Mr. O'Hehir is absolutely correct in his assessment that Varda's "Cleo from 5 to 7" may be the best film of the French New Wave. Personally, I'd rate it a tie with Truffaut's seminal "400 Blows," but that's nitpicking.
Varda's rollicking, zestful film is a paean to the joys of cinema itself. It's absolutely one of the more original films you'll ever see, with inspired use of formal elements (color and b/w, jump cuts, moving camera, sound) creating a fascinating portrait of its subject.
I've never understood why Godard's ponderous and pretentious "Breathless" enjoyed more fame than "Cleo". But given the relentless sexism that is often found in French films of this period, I wonder if the simple fact that Varda is a woman resulted in some sort of dismissal of her work at the time.
In any case, I hope the new print makes it to other parts of the country. If not, you can still see a great print on DVD, courtesy of the Criterion company.