If you don't take it too seriously, and just watch it for what it was, a purely fantastical look at Hollywood, then it is a fine piece of escapism popcorn entertainment.
Some of it was pretty much true to life, but most of the time it did seem like someone's fantasy about how Hollywood works and how actors careers go.
As for the way it ended, it clearly was designed to set up a "franchise" onto the big screen if you will, the way Sex In The City did.
The big screen really? I hadn't thought of that, TBH I wouldn't go and see it even though I enjoyed the show.