Gathering some of the hottest stars of the late 90s, Studio 54 is camp and glossy, but as hollow as its characters. Mark Christopher's camera obviously enjoyed filming Ryan Philipe, who has nothing else to do than to look pretty in various stages of undress. Mike Myers is the one who comes out with acting honours and gives some depth to a fairly unlikeable character.
The director's cut takes a formerly blah movie and turns it into a thematically strong one. Ryan Phillippe's performance is more three-dimensional and deplorable - and the narrative itself seems less derivative and more interesting. Mike Myers' performance is fantastic.