I've seen this film before, when it first came out, and i loved it then.
Watching it again earlier tonight, I loved it again.
Maybe, since it's older, you've all seen it (I hope that you have), but in case not...
Go rent it today, and get pumped for Bad Education and Volver.
I won't give you the synopsis. you can read that on IMDB. Actually you can read better reviews on there as well.
Everything about this movie is gold. The acting, direction, script, shots, soundtrack, etc..
I love the way that Almodóvar can make the watcher feel uncomfortable with what's happening on screen while not going over the top with it.
The film also, as sappy as this is, you feel something. Whatever it is.
As an aside here, all of his other films are definately worth watching as well, namely All About My Mother.