This is a behind-the-scenes type of comedy about the daily shooting of a telenovela (spanish speaking soap opera) and the lives of people involved with its creation.
It is stylish, colorful with good comedic timing, decent jokes and good over-the-top performances from the cast. Mainly it exploits the stereotype of a Diva, the flashy popular female protagonist, who only cares about her image. The fun starts right from the beginning when you realize that the main star of the Telenovela (Eva Longoria) doesn't even ...speak Spanish!
Although they *not* belong in the same genre, it is unavoidable to compare this, with another telenovela-ish series, Jane the Virgin (which I stopped watching after its first season finale). Telenovela is far more entertaining and light and fun and spares you from watching an actual melodrama.
In a sentence: This is a witty comedy that will keep you entertained.