"54" is a film based on the infamous "Studio 54" of the 1970s - the hangout for the social elite and party clubbers. In the film, Ryan Phillippe is the main character, based on an actual employee of Studio from 1977 - 1982.
The film's problem is that it's all glitter and style and no substance. It tries to be a really grimy and probing satire like "Boogie Nights" but ultimately comes across as an inferior wannabe. Mike Myers is given the thankless task of playing cocaine-snorting club owner Steve Rubell. It's only a slightly comedic role and if this was Myers' best attempts at sliding into drama like Lemmon and other comedic actors did in their time, it's a total failure.
"54" could have been insightful and interesting but instead it's just another dumb teen flick that isn't entertaining or even remotely engaging. View at your own peril.