This is a movie and an anti movie combined. It's a movie in the way it captures the vibe of the time and place it portrays beautifully, the characters are likeable and stay with you and the scenes are funny. It's an anti movie in the sense that it subverts all expectations around a normal movie for example instead of focusing on the murders primarily which people expected, he focuses on outdated actor. Instead of portraying a famous actor positively, tarantino kinda makes fun of him. Instead of giving a structured story he just gives a bunch of scenes.
Somewhere in middle it does feel a little stretched and that's a flaw if you feel that way, but other than that, I think this is a masterpiece and a decade or two later might be regarded as a classic.