It's an excellent film. I also have the DVD which I've watched many times over the years. There are interesting accounts of the occasion and all its complexities in Levon Helm's "This Wheel's On Fire" and in Barney Hoskins' "Across The Great Divide". Levon refused to take part in the whole project unless Muddy Waters was included in it - Waters was included at first and then taken out for various reasons - and one significant excision was footage of Bobby Charles.

Luckily, there's an audio box set with all the songs, various rehearsal takes - and Bobby Charles' stuff.

Levon's book gives a fairly bitter account of the Band's last days - including The Last Waltz project, with some biting comments on Robbie Robertson's "hogging" (as he saw it) of royalties, his cosying up to Scorsese, the complexities of getting Dylan to appear, etc. Nevertheless, it's a great film and one doesn't need to know about the politics of it all to appreciate the music.