On the surface, Midnight Cowboy seems like one of the most depraved and depressing movies you will ever see. The pace is slow and the movie is repetitive. However, it was the best picture winner in 1969. The movie has a social conscious as it explores the seedy underbelly of New York. The performances by Hoffman and Voight are extremely good and almost redeem the movie. The relationship between Buck and Rizzo hints at hidden homosexual feelings.
The film did not deserve its original "X" rating, which is probably mostly due to the multiple homosexual references, not to mention some very adult themes, so the movie was later re-rated at an "R.". There are a great many nude scenes in the film, but most of them are very brief. This is the first and probably the last "X" rated movie to win the Academy Award for Best Picture.