And The Ship Sails On.  Even the names of the characters are Felliniesque! - Ildebranda Cuffari, Edmea Tetua, Brenda Hilton, etc. and what about the Principesa? - a monumental icon to Fellini.

Runners-up: 8 1/2 and Pasolini's Salo (Morricone's score is Nino Rotaish).