This is a movie that takes a look at the dark side of Hollywood, focusing on the fringe-dwellers frantically trying to capture (or retain) a minute scrap of success by whatever means necessary.
Gloria Swanson is easily the best thing about this picture. Her performance is riddled with theatrics but that's exactly what the character calls for. The fact that she didn't win the Best Actress Oscar for this role beggars belief. Swanson, Holden, Stroheim & Olson all received acting nominations but none took home any hardware, despite fine performances all around.
There are a couple of likely reasons for the film's relatively small haul on Oscar night. First of all, the film was up against another classic, "All About Eve", which had garnered a record 14 nominations. Then, there was the scathing screenplay authored by Wilder, Brackett & Marshman. In particular, the story does a fine job of reflecting the amoral quest for success and the narcissism of the famous, hardly the image that Hollywood wanted to convey.
Billy Wilder's direction here is well-handled and there are several moments of greatness, such as the famous ending. In that scene Wilder's direction, Swanson's acting and Waxman's score combine to produce what is perhaps my favorite ending to any movie ever.
There's a reason (several, actually) why this film is considered among the greatest of all time. See for yourself and you won't be disappointed.