My favourite Woody Allen film has always been Purple Rose of Cairo, and this has a similar charm. You'd need to have some knowledge of the art and literary scene of the 1920s to appreciate it to the full (but you don't need to be a specialist, as I certainly am not!). The portrayal of this lost world is a bit pastichey, but no less enjoyable for that.
It's visually sumptuous, and the loving portrayal of Paris makes you want to jump on the next Eurostar heading there (but if you're going to stay in Inez and Gil's hotel room, make sure someone else is paying the bill!)