I really wouldn't say it's like Brazil. It's a different kind of government their dealing with (Brazil really had more of an insane beauracracy than a dictatorship, sure in the end the pencil pushers were the absolute dictators but not for any of the normal reasons associated with dictators), different set of heroes (V really wants to overthrow the government, Tuttle just wants his AC to work), no strange dream sequences or mystery loves. The only similarity is that they're both intensely British stories that you wouldn't normally expect to sell well in America.
And Brazil didn't sell well here at all.
Brazil was a great movie, edgy visually and story wise.
There was zero new ground broken with V, other than it's the first pro-terrorist movie since 9/11, well 2nd if you count Farenheit 9/11.