Tom Cruise modeled his character on a combination of Axl Rose from Guns N' Roses and Bret Michaels from Poison. See more...
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Factual error: Tom Cruise throws the new Rolling Stone magazine at Paul Giamatti in the latter's office and tells him to look at page 68. Giamatti looks at and starts reading from the right hand page, but in magazines page 1 is the front page, and therefore subsequent pages on the right are odd numbers.
Revealing: In the scene where "More Than Words/Heaven" is sung, there is a montage of shots of Drew playing guitar on stage and Sherrie singing outside. One of the shots of Drew has been horizontally flipped - in it he's now playing guitar left-handed and his "The Bourbon Room" T-shirt has the logo back-to-front.