This is a different film than I was expecting. As far as I can tell, there are barely any traces of German Expressionism weirdness here. This feels like a typical big budget Hollywood silent film--slow pacing and typical romantic trajectory (boy loves girl, boy gets tempted by "bad girl", boy figures out the truth and goes back to the good girl, triumphs over the odds, etc). Visually there's not a lot going on...Leni made a lot of bland choices in terms of composition and lighting.
Probably the film's saving grace is Conrad Veidt, who was able to convey his character's melancholy despite having to smile all the time in a silent film.