This is a weak achievement from François Ozon - otherwise a brilliant director. Although the movie is watchable without effort and there is great acting, you may feel that something is missing. The intense dramma that fills the 1972 Fassbinder movie has been turned into grotesque comedy. Both films are strongly theatrical, but the tone in Ozon's movie works less satisfactorily. Stefan Crepon's character Karl, however, is superb.
Where is the main flaw of this film in my opinion? The author was betrayed by the belief that an easy transcript of the Fassbinder mise en scène (changing sexes and adding some comedy) woulf be enough to yield a significant remake.
For instance, what is the reason to maintain the action in the seventies as in the inspiring movie? The only explanation that I am able to find is a wrong feeling that much of the dramatic tension would disappear in a world full of mobile phones. The fact that Petra Von Kant becomes a prisonner and an anxious slave of her land line phone after being abandoned by Karin is naturally inserted in the action of the 1972 version. Extra work would be required to recreate the plot in terms of mobile phones: I believe the result might be innovative and interesting. Instead of harming the script, it could appear as a welcome refreshment. Just think of how many episodes of jealousy, lies and betrayal could be manufactured with resource to contact lists, text messages and what more you can think of.