I think it works really well as a whole.
With such little happening in terms of events, there's still a good deal of formal differentiation between the segments. Even if you compare just the first two - Linklater performing a monologue in (iirc) a single shot, then mostly silent fragments of the killer - there's a lot of diversity using a small set of tools. It's a genuinely odd film, esp in how it consistently undercuts its rhythm and momentum. If you compare it to the year's other big indie debut, Metropolitan, I think it holds up much better formally - I can remember much more in terms of composition/framing from Slacker than I can from the former film.