There is obviously a very high degree of theatricality in Luhrmann's work. The question is why? What is he doing with it?
Personally, I think he is using the the more camp extremes of cinema - as typified in some examples of the Hollywood musical - to achieve a kind of "magic realism"; a dream state through which the characters can express emotions and desires expressionistically in contrast to the the more prosaic naturalism expected in most contemporary films.
That he is interested in the life of the emotion and excess is reflected in the subject matter he tends to choose to begin with: ballroom dancing; naughty nineties Paris; Shakespearian romantic tragedy; concious myth-making.

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