There are some good things in this film. The actors playing Jay and Damon, as they do not play themselves, are very good for this sorta material. And, there are some very funny moments and in jokes, especially if you know a lot about the people in this record label before hand. This is also a very good look at hip hop culture and also a moral tale about selling one's soul for fame or respect.
But, sometimes, the script is sometimes childish, and the main character is really annoying and is obviously a generic poser, but, maybe that's the point.
I would overall have to say for some, this film will seem terrible. But, with a built in crowd, and if you are looking for a few laughs and a different kind of movie, check this one out as a rental sometime.
6 out of 10.