I am temped to label this a pretentious art film, and seeing as how it's part of the Criterion Collection, I'll let you draw your own conclusions.
Personally, I'll say that this is artistic, and strange, but does have enough of a story as to not be garbage. However, I did have some major problems with this - not all of them artistic... more on that later.
So, what is this? Well, it's a horror movie, when it wants to be, and more specifically, a vampire movie, when it feels like it.
50% of the runtime is just weirdness, and cutting to random images. I've said it before that filmmaking like this would be great for a music video, but as a feature film, it's just style over substance.
Still, still, this is very good. It is beautiful to look at, and when it decides to be a movie, is interesting, creepy, and worth seeing at least once.
What really held my interest was Helena Anyzova. Wow, what a total babe! If the movie were cut down to just her scenes, I'd give it a 10/10. Tall, skinny Czech woman? Yes, please!
This would get a big recommendation from me for pretentious arthouse snobs - please, enjoy. For everyone else, if you like weird, creepy, dreamlike horror movies, check it out.

Post script: Now, onto the unfortunate side. _Valerie and Her Week of Wonders_ is full of animal exploitation, which ranges everywhere from disregard up to death. The director, in particular, seems to have had an issue with birds.
It got to a point where every time an animal was on screen, I'd have to say "please leave them alone." And, keep in mind, animals were in every scene! The film was already guilty of too much, but in the third act it stepped far over the line by showing a weasel attacking a chicken, only for someone to shoot the weasel.
Animals are not here for our entertainment. Their life is worth more than what a sociopath with a camera thinks is artistic. In fact, it's the antipode of true art! Art is not reality. True art is capturing an illusion that is so convincing as to seem real or, at least, give the same effect. Hurting animals is merely cruel.