Imdb has plot summaries and all, so I'll be brief in my review.
The story is a surreal comedy, riffing on the whole "a play within a play" thing that has annoyed audiences since Shakespeare's day. On the downside, the film is a pretty disconnected series of clever moments; while the moments are clever, the film never really comes together as a film.
On the plus side, there are a lot of clever moments. The film is quite a lot of fun just for them. Sort of like Pokemon, you can collect them all. Err, or something.
The acting is better than you'd expect, although it's pretty much all over-the-top campiness. The script is really just a vehicle for the many clever moments, but it pulls them off (mostly).
Vest viewed when you're in the mood for the surreal, but worth adding to the old Netflix instant queue.