This is pretty definitively a middlefinger to the entire Hollywood industry, but a love-letter to what ends up on the screen (very curious if audiences will come away from it thinking "so it's all worth it"). On a technical level it's spectacular, but once the surface-level raucuous energy loses steam (partly on purpose), everything hangs on the characters and they're not strong enough.
Partly baby's first Boogie Nights, (which is weird to say since Boogie Nights was baby-PTA's first Boogie Nights), and partly many other things, but it's a good, entertaining, and really well made movie. The screenplay, though not without a lot of merit, is a miss.