These are what we call the 'YMMV items.' Things that some people find in this work. We call them 'your mileage might vary' because not everyone sees these things in the same way. This starts discussions in the trope lists, a thing we don't want. Please use the discussion page if you'd like to discuss any of these items.
Magnum Opus: There are quite a few cinephiles who consider this to be the best film Tim Burton and Johnny Depp ever collaborated on.
Narm: The two-person Orson Welles appearance is jarring if you're familiar with Maurice La Marche's impression of Welles and are shocked to find it coming out of Vincent D'Onofrio's mouth. A little excusable in that Wood probably would've tried the same technique...
Moment Of Awesome: Bela beautifully re-enacting his infamous "atomic supermen" speech from Bride of the Monster in the street and receiving applause from a gathering of onlookers. Made all the more moving by the fact that this is the last time we see him alive with Ed.
Strawman Has a Point: Clearly, there's not much to be said for the acting abilities of the leading man the Baptists force on Ed, but they make a lot of legitimate points about the faults of Ed's production methods, including pointing out the wobbly sets and lack of scene-to-scene continuity—things that will be pointed out by his fans for decades to come, despite Ed's insistence that no one will ever notice.
Vindicated by History: When released, this wrecked Tim Burton's golden streak and made people doubt him and Johnny Depp. Today it's considered one of his best works and one of Depp's best performances.
Ed himself. Particularly in the film, you can see that he has a genuine passion and love for movies, and wants desperately to make his own films, and have people love them, not for the money, but just because it's what he loves, and he wants to share his love with people. Sadly for him, the one thing he has passion for in his life, he has absolutely no talent at. Imagine being terrible at the one thing you love. Sort of breaks your heart.
Bela Lugosi. Full stop. By the end of his life, he was a mess, and was stuck in horrible B movies, strung out on drugs, alcohol, and painful withdrawal. Landau's performance really helps here too.