Loved it. Yes, it's pretty Hollywood, but it's also pretty New York. Miranda Priestly is based on the Editor In Chief of Vogue magazine Ana Wintour, who did everything she could to interrupt the movie from being made. The person played by Anne Hathaway wrote the best-selling book based on the movie.
Superficial yes, but an exaggeration? Absolutely not. I've worked for several Devils like that - some only wore Lane Bryant. In the end Miranda Priestly did redeem the lingering bad taste in my mouth left by those idiots.
Oh yes, in my years of experience, the Devil first wore Jordache, then Calvin Klein, then Gaultier, then Caroline Herrera, then Mugler, then Michael Kors....