Although I only saw this once in the early 80's I remember it as an unfunny, insubstantial satire on Hollywood with a deteriorating Barrymore as Rupert De Grasse, film director for Miracle Films, and a poor immitation of his classic turn as Oscar Jaffe in "Twentieth Centruy", even down to a his "I close the iron door" line.
Though it was made in the midst of his self ridicule period, Barrymore doesn't make such a spectacle of himself in this, in fact he makes very little impact at all since despite his top billing he's in the movie very little. Most of this shapeless movie concentrates on the shenanigans of Nazi Fritz Feld and De Grasses annoying double talking side kick who reminded me of one of Dick Dastardly's cohorts. The story for what it's worth deals with the desperate producer/director's attempt to drum up publicity for his newest movie, one of a long line of disastors.
This movie is such a waste of time, even for Barrymore addicts, who'll feel short changed and bored by all the subplots. Admittedly the last scene with various critics trying to make sense of the chopped up film De Grasse finally premieres is quite droll. Otherwise avoid.