A visually inventive film. For a studio-bound production made almost a century ago, this feels very big thanks to the expert production design and photography. The lighting, in particular, is quite impressive and plays a large part in making this a believable world. The film starts out very creepy, then gets a bit lighthearted, and ends on a bittersweet note. The actors make the principle characters endearing-- even the demon Mephisto! The plot meanders at times (I'm thinking specifically of the lingering opening shots of obvious models, and a too long magic carpet--er, cape ride, and the seemingly endless courtship scene), but not so much that you lose interest.
The version I have is the Kino 116 minute single-disc version. The picture quality is as well as can be expected for something this old. The orchestral soundtrack composed for the film is very good.