Here is an intelligent review from someone who has actually seen the film. It concludes that the allegorical aim is largely compromised by the pornographic aesthetic and the titillation:
'There is a lot to say about A Serbian Film, and whether or not this exercise in allegory truly works in its entirety. While I do believe that the film contains shock value not just for it?s own sake, and while I give my due regard to the thought and intents put behind this challenging piece of cinema, I have two major problems with the film.
My first issue is that the allegory only works broadly, not specifically. The entire story of the film is a generally encompassing analogy of the experience of being perpetually fucked by the government, but only a few specific instances of what Milosh endures can be said to carry meaningful specifics that further inform the events within the film?s allegorical correlation with the history of Serbian social reality. The events of the film were deliberately constructed with allegorical meaning, yet meaning often gets lost when considering the extensions of the allegory not within the greater scope of the film itself, but in terms of individual events and details. (Also, if this is an allegory of national oppression, then what is the purpose of the video cameras and the implied distribution of a finished film? Wouldn?t the end product of the pornography being made serve as vast evidence of oppression, in contrast to the intents of secrecy typical of tyrannical government powers?)
This ties to my second point, the fact that A Serbian Film is also a thoroughly aesthetic experience, forgoing the grittiness of documentary realist filmmaking that typically characterizes films of socio-national relevance with a particularly sleek visual and aural aesthetic. While what is seen on screen contains is intended to be reprehensible, the stylistic choices are, admittedly, aesthetically pleasing. Spasojevic and company show a remarkable ability to frame any given scene with a well-honed and consistent visual style, an impressive feat when considering that this is the debut feature for most of those involved with the production. It is in this vein that I think A Serbian Film runs an oscillating gamut never transparently admitted by the filmmakers, one which marries the shock value we seek through exploitation and (horror) genre filmmaking with the intents of national allegory. Thus, some events operate within Serbian Film through allegory, while others suggest a desire by these filmmakers to exhibit such events because they wanted to see them on film in a way consistent with how genre and exploitation typically operate.'