I remember hearing about this film a while ago (there were rumors at the end of the summer that it might receive an 09 release) and that what little word there was on it was good (though I didn't know it was Italian). Now the film is at Sundance, and appears to be going over quite well, especially for the very non-Italian Tilda Swinton, who I would gladly watch read the phone book. Nathaniel Rogers of The Film Experience was quite kind to it in his post this afternoon, though apparently he wasn't feeling well enough to write a full review (let's hope he feels better soon!). From his description, it sounded (not plot wise, however) similar to A Single Man, which was filled with beautiful sights and sounds, as well as good performances. IMDb gives the following premise:
"A tragic love story set at the turn of the millennium in Milan. The film follows the fall of the haute bourgeoisie due to the forces of passion and unconditional love."
Vague, but that can often work (A Single Man doesn't have much of an action driven plot, and that turned out wonderfully). No US release date has been set, and I have yet to find a trailer, but needless to say, this one is slowly creeping up higher on my Must See of 2010 list.