Making a film about the worst director ever is remarkable. Not ridiculing him and treating him with respect is great.

Rating: 8/10 (3 March 2020)

It is possible to look at "Ed Wood" as a sort of "Sunset boulevard" (1950, Billy Wilder). In this case not Norma Desmond (Gloria Swanson) is the actress in her final days but we are witnessing the end of the career of Bela Lugosi (Martin Landau). Indeed, Martin Landau is one of the gems of "Ed Wood" and rightly received an Oscar.
It is also possible to look at "Ed Wood" as a sort of "Freaks" (1932, Tod Browning). It is hard to believe that the collection of eccentrics in "Ed Wood" really were the casts of films such as "Bride of the monster" (1955, Ed Wood) and "Plan 9 from outer space" (1959, Ed Wood).
Possibly the best films to compare "Ed Wood" with are films such as "Being there" (1979, Hal Ashby) and "The hudsucker proxy" (1994, Ethan and Joel Coen). In all these films a man whose naivity is only surpassed by his enthusiasm is the main character. In "Being there" this man rises to a responsible position by accident. In "The hudsucker proxy" this man is (unsuccesfully) used as a strawman. In "Ed Wood" the main character doesn't reach a responsible position at all. Instead Ed Wood has the dubious honor to be elected as the worst film director ever.
The strongest point of the film is that it never ridicules its main character. Director Tim Burton treats Ed Wood really respectfully. He does so by emphasizing his enthusiasm above his incompetence. The film is also an ode to films of the 50's. Look at all the posters on the wall that come by during the film.
In "Ed Wood" Tim Burton proofs that a respectful treatment can be funny too. Look at the body language of Ed Wood and the "no shaking" gradually morphing into a "yes nodding" if a financier ones again makes impossible demands (such as asking the main role for his son or insisting that the film ends with an explosion). Look also at the meeting of Orson Welles (standing for the best director ever) and Ed Wood, both complaining about the way the Hollywood system treats them.