It's based on the book covering the infamous movie 'The Room'. Tommy Wiseau personally picked James Franco to play himself. I have a hardback of the book and it was really interesting.
This is what he's imitating...James Franco has the accent down perfectly.
That trailer does look intriguing like Jules said. I remember James Franco & Seth Rogan from the TV series 'Freaks & Geeks." Those 2 do seem to click on screen together. Lovable losers you can't help but root for.