I love this beautiful mess of a movie. It's one of my favorites, and it's also one of the best soundtracks ever. David Bowie wouldn't let them use any of his songs, most likely because the film shows a fictionalized Bowie having an affair with a fictionalized Iggy Pop. This made the soundtrack 100 times more creative than it would have been: Interwoven with classic gems by Roxy Music and T. Rex are original songs by Pulp, Grant Lee Buffalo, and Shudder to Think that sound like they could have come from that era too.
The flashiest thing about the album are the covers recorded under the name of the two bands in the film, Wylde Ratttz (faux Stooges performing "T.V. Eye" with Ewan McGregor not doing terribly on lead vocals) and The Venus in Furs (the British glam band that alternates Thom Yorke and an also-not-terrible Jonathan Rhys Meyers on vocals).