Yeah, I went over to a pal's house one time and he was watching it. Looks weird. Figures you'd like it, TVC 15!
There's no dialogue, there's very little plot, and it is shot in an eye-catching manner. It's also got a killer soundtrack, so it's basically a 90 minute, really strange music video. It works.
It works wellas a "silent" movie because there are all sorts of interpretations you can put on it. It thematically comes across as rather Cronenbergian. Technology and flesh merging, signifying how technology ultimately dehumanizes society.
The sequel, in contrast, sucks. It is a sort of remake of the original, shot in color, with a normal plot.