I had the exact opposite impression of the film: Good music, good acting. The story is very close in many respects to the Motown story, which is an important slice of Americana. So it’s a good story. And I feel they managed to flesh out all the characters pretty well.
Unlike many similar films, it doesn’t go for over the top theatrics. Eddie Murphy plays a James Brown type singer who is very mild mannered off stage. The diva isn’t the best looking dream, but the least looking one.
This wikipedia article breaks down the parallels. If you are a student of the history of this music, you would see it is based on historical fact (except the way things turn out for some characters)
http://en.wikipedia.org/wiki/Dreamgirls
I personally likes the way they had Beyonce look like Diana Ross through out the years, matching her look (if not her personality) perfectly. She even sings like her in some scenes.





