I've never really understood the fascination with this film, widely heralded as a masterpiece from Peter Weir (more widely known now for The Truman Show). It's creepy to watch Chamberlain's David Burton get sucked deeper and deeper into a freaky end-of-the-world prophecy and a secret society living underground (half of which is revealed through dreams, with David bolting awake screaming, every 10 minutes), but drawing any kind of useful conclusion from the film is difficult. (And the nonstop didgeridoo music is enough to drive you crazy.) I've seen the movie a few times and continue to wonder what the point was supposed to be.
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There's already an Oscars buzz surrounding this movie.