It puzzles me why this film appears to have been so forgotten and neglected because I find it richly entertaining and, like so much of Wilder's work, it shows an abiding, (although not uncritical), love / hate of Hollywood and all it represented. Wilder has no illusions about the Monster Hollywood could be in its heyday when it created an almost parallel universe which consisted of those on the inside the industry, and the rest of us who paid homage at the box-office. Both parties were almost entirely oblivious of the reality of life as experienced by each other.
FEDORA is much more bitter-sweet than SUNSET BLVD., (his other film with which it is natural to compare it, and of course the presence of William Holden in both makes this even more compelling), but here we see people who, having made a pact with the devil of Hollywood fame and fortune, find it is a two edged sword that keeps them in the service of its mores and values forever, even though the effort of doing so nearly makes them die from exhaustion. Death or permanent seclusion is the only way to preserve a legend's immortality.
Beautifully structured, and with some excellent dialogue, all the cast acquit themselves with credit, and I find it a fascinating and valuable glimpse into a world that has now gone forever and which is never, ever likely to return. Perhaps more reflective and introspective than we expect a Billy Wilder film to be, but all the more richly satisfying for it. Highly recommended.