I would say the show pretended at being smarter. Ultimately while I love the cast, and I love the premise, the writing was poor, unrealistic, and self indulgent.
The 'issues' the show dealt with, were often only given the most trivial and superficial treatment, and once dealt with, disappeared into the ether, never to trouble faux Hollywood again.
The show w/in the show aspect never worked...there was never any real humor.
I would also say it suffered from DS9 syndrome, in that the show introduced too many characters at once, and there was no distinguishable personalities. All the characters were quip meisters, all the scenes had the same, unrealistic dialogue, if always felt to me the script for Studio 60 had the the dialogue written and the character names were optional, and interchangeable.
In the beginning I liked Studio 60 more than Hereos, but Hereos got better, and Studio 60 became more and more a bad stage play.