Most people will not understand Waking Life. Some will find it to be one of the most brilliant pieces of film ever produced. I found it to be beyond words; a combination of film, groundbreaking computer animation, and a difficult and profane script that produces a sublime interpretation of existence.
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I lived in Austin when Slacker was made in 1991 -- I was a junior at The University of Texas at the time, not cool enough to personally know anyone involved with the production but certainly aware of it when it came out. You couldn't avoid it: The film earned a miniscule release and was ignored at the national level, but in the town of Austin (population about 800,000 at the time), it got the red carpet treatement, playing in local theaters all year long.
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There's already an Oscars buzz surrounding this movie.