Terry Gilliam is one of the movies' most fascinating and frustrating directors. When he's at the top of his form, no one's work is more imaginative. And when he's off-target, no one is more irritating.

You might be thinking, well, no director is consistent with every film he makes. That's true, of course. But in Gilliam's case, we're not talking about his work from film to film. We're talking about his work in every film.From "Jabberwocky" to "Time Bandits" to "Brazil" to "The Adventures of Baron Munchausen," the former Monty Python member demonstrates both his brilliance and his penchant for sabotaging his own narrative.

And so it is with "The Fisher King," the first film Gilliam has directed without developing the script himself. And, as eccentric as it is, it's probably the closest he will ever come to a mainstream Hollywood product.

Jeff Bridges stars as a rich and famous but decidedly burned-out New York disc jockey, a late-night shock-talker who would rather insult his listening audience than commiserate. And at the moment he couldn't care less about the problems of the little people - he's about to step up on the ladder to national stardom, headlining a TV sitcom.

Then one night, Bridges takes a call from a disturbed regular and offers, as usual, his own brand of condescending, off-the-cuff wit, unaware that he is sending the caller off on a mission to commit a heinous act of violence. The resulting tragedy sends Bridges into a deep depression.

The film then jumps three years forward. Bridges is wallowing in self-pity, living with and taking advantage of Mercedes Ruehl ("Married to the Mob"), who owns and operates a small video store. Ruehl seems to be his opposite in every way, outgoing, vivacious and full of life. She obviously loves Bridges, but he's too self-absorbed to notice.

Eventually, just as Bridges is on the brink of suicide, fate steps in, in the person of a zany homeless street-person (Robin Williams). Wouldn't you know it? He's withdrawn from life because of a tragedy in his life, the result of that act of violence three years earlier precipitated by Bridges' radio sarcasm.

Bridges sees Williams as the means to his redemption, but, characteristically, sees it in a selfish way. He reasons that if he helps Williams get back on his feet, he himself will be saved.

Little does he know that Williams is on a quest for the Holy Grail, which he believes is locked up in a castle in midtown Manhattan. Or that Williams loves from afar a gawky young woman (Amanda Plummer) with no friends - and virtually no life.

For me, the most annoying aspect of "The Fisher King" is its penchant for extreme highs followed by extreme lows - with very little room for middle emotions in between. The result is a roller-coaster ride with no lulls, jerking the audience in every direction rather than legitimately earning a response.

When the film is funny, it's very funny. When it's touching, it's very touching. But when it careens wildly out of control, which is all too often, it is most annoying. (In particular the ending, which seems to be out of an old Hollywood musical.)

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Still, there is much to savor here, not the least of which are the performances of the stars. Williams takes a tailor-made wacko role and gives it compassion and depth, and Bridges' despairing DJ is pitiable and heartfelt, a selfish, pained individual who does not easily reveal what's inside. Ruehl is also wonderful, in what might have been merely silly comic relief. Plummer is so realistic in her characterization of a plain, unhappy woman that it's almost painful to watch her. And Michael Jeter (TV's "Evening Shade") has a wonderful bit as a homeless transvestite who does a show-stopping Ethel Merman tune at a pivotal point in the film.

First-time screenwriter Richard LaGravenese has come up with some terrific ideas here, though it is hard to tell where his script leaves off and director Gilliam's surrealistic style takes over. But perhaps the film's most significant achievement is that it takes the homeless situation and focuses it on real individuals (however exaggerated they may be), making us care about them as people.

"The Fisher King" is not like any other movie you're likely to see very soon, but if you can get by its frustrating elements, there is much to savor.

"The Fisher King" is rated R for violence, profanity, nudity, sex, vulgarity and drugs.

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