I like this movie a lot, but I don't know many others who do. It does have its problems (it's a little slow sometimes), but the problems are small compared to the rewards (at least for me).
This is the movie that made me a Jeff Bridges fan, and his performance as an aspiring pulp writer who becomes a B-Western star is one of the best things about it. So is the performance of Andy Griffith, a far cry from Sheriff Taylor, as a conniving actor who seems to be a friend to Bridges but isn't. Blyth Danner's very good as the Kid's romantic interest, and Alan Arkin as a bottom-tier director is dandy.
My reference to the Kid, by the way, comes from the character that Bridges creates for his pulp stories, and the lines he comes up with for the stories are another highlight of the movie.
There's a subplot about some money hidden in a car that Bridges has stolen (with perfect justification), and that has its moments, too.
Before you start thinking you might like to see the movie based on what I've said, you should check out Ron Scheer's review of a few months ago. He's not as fond of it as I am. As for me, though, I'll still think of Bridges every time I hear the word "Bullwhacker!"