Pan's was interesting, it got a lot of phrase and I think deserved.
A movie (very likely in this "movies forum") that isn't a slight of hand trick, keeping us guessing when and where we are - just a well weaved plot of characters in a three hour movie that will always be in my to 20 list: Magnolia. Made by the same director as Boogie Night's, Magnolia also has many of the same actors.
I won't redo a review, I'll just say that if you haven't seen it, it is a good three hours used and watch it close to see the relationships of the many characters, I think in book form, I would either be utterly confused or spellbound - not sure which.
Boogie Night's if I could sum it in one sentence is the story of a adult film producer (Burt Reynolds) trying to evolve as his genre goes from theaters to VHS tape! There... that sums it up and might not sound like Steve's cup of tea, but a movie that still has a story to tell and does a pretty good job! Mind you, it is no Magnolia, but if you are studying film styles, they are two good ones to compare.