Steve Martin has had his highs and he has had his lows. In recent times they've mostly been lows. His co-star in Bowfinger, Eddie Murphy can be cast in similar terms. A one-time gigantic star that was already beginning to fade when Bowfinger was released. Thankfully, at least for me, Bowfinger bucks that trend.
It works as a comedy on many levels. There are hilarious singular moments (Martin explaining to Murphy his motivation before having him run across a busy Los Angeles freeway) and an entertaining over-arching comedic conceit that mocks the Hollywood industry. It is at times TOO unbelievable but it is always entertaining. One of the few recent Martin/Murphy films that I can thoroughly enjoy.