The writer/director Anurag Kashyap is playing a frustrated writer, in Luck By Chance. Someone who is ridiculed as an 'Institute' when he tries to write something that defies the Bollywood clichés. The producer also mocks him by saying that he doesn't want to make the movie for a film festival, which is a dig at Mr. Anurag Kashyap whose movies, which mostly get banned in India or struggle to get a good producer, work quite well at various prestigious film festivals (e.g. Black Friday (2004), Paanch (2003)). Anurag is shown as a writer who is forced to do DVD rip offs and not complain when changes are asked to be made, something that cleverly reflects on his career as writer so far.
In his cameo, the actor Aamir Khan makes a spoof about himself. In one of the first scenes of the film, he is shown to be giving this 'perfect shot' for a Rajkumar Hirani film. All so intense and into the character, he returns back to the monitor, only to sound a little unhappy over the way he gave his shot. He and Raju acknowledge though that the subtle touch that he gave to the scene while adjusting his hat was quite thoughtful! All this was meant to be an exaggerated take on things.
In the movie after the character of Farhan Akhtar becomes successful, and a party is thrown to welcome the new star in the industry, Karan Johar delivers a very succinct dialogue that's symptomatic of the state of affairs of the industry. He points out to Hrithik Roshan, by giving the examples of living legendary actors like Amitabh Bachchan and Shah Rukh Khan, that it is in the situations, where the established stars refuse to work outside there images, that an opportunity is created for a new face to be launched in the industry. As a matter of fact these moments of disruption, in reality too, have created new stars in the industry that have launched themselves into the dizzying heights of new success.