Farah Khan has her finger on the masses’s pulse. Her latest venture is not going to win any critics awards, but there is a fair chance it will pay her back handsomely and leave a large fraction of viewers happy. Me included.
This movie gets 2.5 out of 5. The fun factor in it probably deserves a good 3/5 but since there is no new path broken by the movie, I had to rate it overall at 2.5
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The first half of the movie is more fun than the second half. The last 30 minutes drag and could have been done way better. But what lifts the movie are the many great moments of comedy and young love. The comedy is rib tickling, a little roadside but never vulgar. I specially liked the Manoj Kumar sequence. And yes, Akshay Kumar throwing the gun in the air, catching it in the groin area and shooting bullets with each pelvic thrust was way too funny.
Sharukh Khan does complete justice to his role. I am no fan of SRK but have starting respecting him a lot more after Swades and recently Chak De! He looks his part here and pairs very well with Deepika Padukone, who looked dazzling, poised and very camera confident. She carried the 70s look well enough and I would not be surprised to see a surge in sales for that fashion.
The songs are placed well and never tear you away from the story. The lyrics are catchy and you might find yourself humming them as you walk out. The song with Bollywood’s who’s who is loaded with bonhomie and great fun to watch.
Shreyas Talpade and Kirron Kher look OK but nothing great there. Arjun Rampal looked better as the young Mukesh Mehra but a little unconvincing as the aged Mukesh Mehra.
If you are looking for over 2 hours of fun without burdening your mind with “deeper meaning”, go watch Om Shanti Om.
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Guldasta 
I second every line that you wrote. however, i quite liked the way Tamil Cinema was mocked at in the first half. hope Rajnikanth realises how bad his movies are actually (wishful thinking though!!). Shreyas thalpade was convincing for coz i was watching his performance very carefully.