Second or third time around. Peter Weir directed a script originally by Christopher Koch that was bent out of shape by Weir and David Williamson; they elided too many of the meaningful bits while retaining all the obscurity. Maurice Jarre did the soundtrack to which Vangelis contributed the somewhat incongruous theme song L'Enfant.
The movie flits from event to event and feels rushed after the languor of the book; Koch did pace that right. Mel Gibson's Guy Hamilton is not the giant counterpart to Billy Kwan as played by Lind Hunt (Dune (1984)). (She's excellent in a mediocre movie.) Casting the tall Sigourney Weaver as an English rose only served to emphasise that. Neither are particularly effective as romantic leads — she giggling like a schoolgirl, he staring like he's been poleaxed. Did either ever try again? Bill Kerr's Colonel Henderson is undignified. Paul Sonkkila's dial is very familiar from Australian cinema.
The increased emphasis on the romance made it even more difficult to fathom the stakes; things get asserted from time-to-time but no reasons are ever given. (Koch provided at least some background in prose: what taking a bungalow signified, what Billy means by saying "Anglo-Saxons are better in the tropics", and so on.) At times the goal seemed to be to remake Mad Max.
Again I'd say Weir's direction is unsuccessful.
Roger Ebert: four stars. Saint Jack. Vincent Canby: "This film should be some kind of epic." Ozmovies (snapshot): retrospectively perhaps Weir's best! Wikipedia. IMDB trivia: shot in Sydney and the Philippines. The non-English dialogue is in Tagalog, not Bahasa. Oops.