Deep colors, high impact patterns, and texture cement Wong Kar Wai's In the Mood for Love's great style, and it could be easily imitated in your own decor.
I think the most important thing to focus on when trying to recreate this style would be the rag-tag, bohemian feel. Anything goes, and it all works. This would be a great look to try on a budget.
Lighting, texture, and color should be the focus here. The mix of shiny elements, such as the lacquer tables and the mirrors, and the rough texture of the bedding and the paper lanterns add visual interest to the room. I wouldn't be afraid to mix and match big bold floral patterns in trying to recreate this style.