I was actually intrigued by the premise of the movie before watching it because it was an obvious two-tier satire (one on the oppressive and ridiculous government South Koreans had to endure for a while prior to the film coming out, and the other on the censorship controversy with the singers). The movie had potential, and some talented Korean directors in the future should seriously consider making a remake. The film suffers from ridiculous acting, horrible script (never heard the word "Sshibal" so frequently in any movies... while it is understood as a protest to the censorship, it is horribly executed), no plot, and disappointing performance from one of my top 10 actresses, Gong Hyo Jin.
So unless you are extremely familiar with the Korean pop culture and know who the singers are in the movie, you'll be completely lost. And even when you know who they are, the only good part of the movie would be to see them try to act, which is kinda funny to see as a fan.