I liked the first half of the movie because of the beautiful scenery of Iceland. The island is beautiful, the small community on it is interesting and one can easily start to dream how it might be to live in there. Some characters are really funny and definitely likable (the huge Viking-looking friend of the lead character is definitely someone who would be very cool to party with). And the "development project" for the island is funny and crazy as well.
On the other hand the story was somewhat hard to understand for me. It took me half of the movie to actually understand that the movie is basically a big pile of mess assembled from scenes from "the past" and scenes from "the present". These scenes are blended so homogeneously that they actually seem to be single linear yet surreal story. Actually I was not sure if there is one lead character who has one wife and tries to marry another one or if there are identical twins or what the hell happens. I was confused. The cuts basically do not give any clues about temporal relations of individual scenes.
So I have started to untangle the storyline mess only at the end - and the resulting story was not something I would like. Especially the lead character is very ugly in the resulting picture - cold, weak and immoral. His first wife was much more interesting and true character. Maybe it would be better for me if I spent the rest of the movie in false idea that it is just visually beautiful, surreal, experimental movie.