Compared to "Black Cat White Cat" (1998) it might be more restrained, but I'd actually say it is already 100% crazy Kusturica. The excess many find irritating (e.g. "Underground" (1995)) is imo an even harsher response to and critique of the difficult political situation at the time of the film's making. After "Underground", I think Kusturica definitely needed a break from the serious topics of his last three films (kind of like Kitano making "Zatoichi" (2003) after "Dolls" (2002) and "Brother" (2000)). I haven't seen Kusturica's latest effort, but if I'd list his other films in order of preference, it would be:

1. Arizona Dream (1993)
2. Underground (1995)
3. When Father Was Away on Business (1985)
4. Do You Remember Dolly Bell? (1981)
5. Time of the Gypsies (1988) 
6. Black Cat, White Cat (1998) 
7. Super 8 Stories (2001) 

The first three are arguably masterpieces.