A series of slick commercials and travelogues with some scenes of low-key drama and sentiment in between... all resulting in a pleasant (under) 2 hours.
I can see this playing well for adult audiences during the holidays. It has that slick arty/faux-indie sensibility with its compositions, transitions, music selection and editing that work perfectly to draw the eye during commercials in a way that can strike some into thinking there is something more meaningful within than there actually is.
The trailers keep selling Walter's daydream flights of fancy, but those generally go away once the movie's story actually gets going. They were actually the more tiresome aspects of the movie (despite being handsomely produced) because they are clearly so outrageous that you aren't expected to take them as anything more than fantasies.
It's when the story actually gets going in terms of Walter getting on a flight to Greenland to find a photographer that the movie becomes more engaging, mostly due to Stiller finally becoming active and the movie becoming a lovely ad for Greenland's Tourism Board (should such a thing exist).