In many ways this movie is a lot like The Matrix. It feels like the Wachowski's wrote the script of this movie, were unhappy with it and gave it to someone else who fine tuned it into a movie with a 1930's look to it. I would almost say that this movie wants to ride on the success of The Matrix with a version of its own, but it came out a year before The Matrix.
All the inhabitants (alien abducties?) are living a life that isn't their own. Their memories get wiped and the aliens give them complete new ones. Yet there is one with "the gift" and who has the power to stop it all. He is being hunted by the aliens who want to use his ability.