I loved this film because the multiple layers is not artistic for the sake of doing it, but rather the story within a story format truly develops and connects the characters. Ultimately, the story is about Clay (through he gets less screen time than the other two narratives). The other two story lines are designed to inform the audience about Clay's struggles and current life situation. This is developed brilliantly through some key statements about Rory's life, which mirrors some of the struggles in Clay's.
This movie was really rich with thoughts regarding human limitations, self worth, and the drive for success. Perhaps the biggest issue raised in "The Words" is what do we love more, our work or the people in our lives. Many of the characters are forced to choose which is more valuable for them, people or accomplishments. The film raised that question for me as well. Exactly what are we willing to sacrifice for accomplishment? In the film, Rory is never happier than when he has yet to accomplish anything. He and his wife live a simple life in a small apartment and they enjoy their lives. Once Rory tastes success, he cannot go back to that simple life; he cannot get everything back in the box.
"The Words" is absolutely worth seeing; I plan to watch it a few more times because it was so rich with questions and metaphor, but it lacks the pretentious nature of so many other analysis films. Make sure you catch this one at some point, though it doesn't have to be on the big screen.