The real Limite, as opposed to its myth, is an elaborate experimental home movie made by a very bright 22-year-old, getting his rocks off about his frustrated love life -- an affair with a married woman. The film got produced only because of his family's wealth and connections -- but after it was made, no one in Brazil would distribute it, so it disappeared from sight and gradually languished into a "cult film."
It's worth a look for its ravishing flashes of brilliance, and especially for its use of the camera as an active participant -- allowed to express the frustration & rage that the characters are "limited" from expressing openly (as extra-marital relationships were still a taboo subject in Brazil in 1930?). But without the musical sound track assembled from well-known compositions by Satie, Debussy, Stravinsky, etc. it'd be unwatchable for most of its 2 hours of meandering and deliberately veiled self-indulgence.
A cinematic masterpiece? On a par with films by Dreyer or Vigo or Welles? That's just Brazilian hype. Apparently abetted by the director himself who in 1965 -- out of yet more frustration & rage at the poor reception his magnum (and only) film opus had received -- published a Portuguese translation of a glowing review by none other than "Sergei Eisenstein" -- but no one could locate the original, and Peixoto finally acknowledged, shortly before his death in 1992, that he had penned it himself.