I think this is an important film to see even for historical reasons, since after "Die Nibelungen" (1924) Lang would make "Metropolis" (1927), something for which he is best remembered. But more importantly, this is in my mind astonishingly gripping and the far more satisfying film (or two).
It's fascinating how different the two parts are. As they are, their respective brilliance shines brightly, individually, and in itself the film as one grand epic reinvents itself come the revenge story of the latter half. The first film is the fantastical one, precursor to what we have now as high fantasy adaptations, mainly "The Lord of the Rings". In this sense "Siegfried" is shockingly modern, and here Lang succeeds far better than in "Metropolis", where he didn't have a national epic upon which to project the visual aesthetics, instead his own sense of national identity projected into a perceived future or alternate present. This is surprisingly lucid, which itself is a testimony of its filmic brilliance.
The court at Worms is as rigidly symmetrical and foreboding as one can be, and the film is full of such visual information, rigid symmetry that I bet greatly inspired Eisentein's "Ivan Groznyi" films (1944, 1958). In fact, I would love to see these masterworks by the two directors together someday, since their similarities go beyond style and visual language, also converging in their handling of national folklore in highly theatrical terms.
The new restoration of the project, made by the Friedrich-Wilhelm-Murnau-Stiftung, is available on Blu-ray in both Region A and B, courtesy of Kino and Masters of Cinema respectively. What a treasure! In fact, the more I think of it, I can't wait to revisit it again.
