The kicker in this black and white film about the director of the film making a film about his life (got that?) is that almost everyone playing a family member of the director (who plays himself, naturally) really is a family member. In the story, director Phillippe Garrel is preparing to make a film about his life.
When he informs his wife that her part is to be played by someone else she is understandably offended - after all, she is an actress, isn't she? This leads to all sorts of family arguments and discussions about what their relationship means to each of them.
The couple's children, meanwhile, attempt to get on with their own lives in the best way possible, despite the insufferable silliness of their parents.