I disagree with the people here saying this is one of the worst films ever made. I'm somewhat of a connosieur of bad films, and that just isn't the case. It's competently put together from front to back, but the script definitely could have used another draft or two.
At its worst, it's just unfunny, not mind-bendingly horrible as some would have you to believe. Certainly if you know nothing about the inner workings of Hollywood you won't understand the references and almost none of it will be funny.
I'm sure there were lots of references I didn't understand -- I get the feeling people working in Hollywood would get more out of this movie than the rest of us. One odd reference is the repeated name of "Michael Ovitz" throughout the movie. It appears in the song "I Wanna Be Michael Ovitz" in the soundtrack, there's a "Paging Dr. Ovitz..." in the background in a hospital, etc. It's not quite clear what writer Eszterhas's feelings toward Ovitz are -- does he hate him or look up to him?
Another thing I don't understand is why director Arthur Hiller felt he had to change his credit to "Alan Smithee", except that it's amusingly appropriate. Looking at the film, I can't imagine that it was changed too radically in the editing, except perhaps the ultra-acidic put-downs on the title cards that introduce new characters.
