Heavy-going, off-putting Depression-era musical (set to old recordings of the 1930s) is quite elaborate and usually looks good, but is filled with ciphers. Steve Martin, in a fair dramatic acting turn, plays a sex-obsessed sheet-music salesman in Chicago with no conscience who cheats on his frigid wife with a schoolteacher, later becoming involved in a murder investigation. Unfortunately for Martin, this character is such a crude, lascivious lout, we don't really care about his fate or whether or not his teacher-girlfriend (now a prostitute) leaves him. Jessica Harper (as the cold-fish wife) is every married man's nightmare: the bride-turned-shrew; Bernadette Peters is somewhat more sympathetic as the lover, and gets to utilize her natural Kewpie doll-ness to fantastic effect in the musical numbers. But, for the most part, "Pennies From Heaven" is peopled with low-lifes. The extravagant showstoppers, fantasy sequences designed like mini Busby Berkeley movies, are breathlessly intricate and exciting to watch, but they provide little emotional subtext for what's happening in the real world (I don't know if original creator Dennis Potter meant it or not, but the material plays like "Up the Sandbox" with music). Herbert Ross directed with a heavy hand, though he does get some fine moments from his cast, especially Christopher Walken as a hoofing pimp. An expensive remake of a British mini-series starring Bob Hoskins, the movie ultimately feels a bit claustrophobic and sluggish, and has an unsatisfying wrap-up to its reedy-thin plot. **1/2 from ****