Get the original LLC, it focuses more on where it should and has more to say about dreams and obsession. It also packs a more painful emotional impact.

SVSG,

SPOILERS
Guido's suicide is not what really happens. The ending is very symbolic rather than realistic. Fellini himself loved circuses as a kid, so Guido directing the circus at the end shows that he finally quit is worthless film to direct what he loves. The fact that he is still bothered by his mistress and parents show that he still has his problems and guilt, but he is making a positive effort both with his career and wife.
SPOILERS END

I'll post a link to my review whenever I transfer it to the new Movie Boards. As for your thoughts on Last Days, someone said it best at IMDB, "What do you expect to see watching someone's final days?" It is dull at parts entertainment-wise but it feels so genuine (at least to me) that it feels like you're watching real life. It's the pathetic view of his character's depression makes you feel horrible for him as well. It's an excellent character study that respects it's protagonist, though in a very sympathetic view. I should probably see it again soon. You'll probably like Elephant more.