I also really enjoyed this, and I don't think of myself as a fan boy (of Broadway musicals or of SMASH). I think the production is a lot of fun, with the great BOMBSHELL songs, the chaos of a production in trouble and the outsized personalities on the verge of nervous breakdowns. Brooks Ashmanskas is terrific (though he's pretty much replaying Barry from THE PROM, no complaints here), Robyn Hurder is wonderful, Krysta Rodriguez is reliably great. Loved Bella Coppola's work as the director's assistant (with some pretty major moments). As has been discussed throughout the thread, Kristine Neilsen is doing some major comedy work with a overinflated, one-joke role. Saw it with a packed house tonight-- and they seemed to love it.
NOTE: I actually agree with a lot of the posters who cited the show's flaws-- an implausible book, too many outdated jokes, subpar costumes and sets-- but there's a lot of talent on the stage (and in the pit!) and it was a hell of a lot more fun than, say, SUNSET BLVD.