Set in the period of 1977, "Late Night with the Devil" presents a world with a fictitious fourth commercial broadcast network. The film attempts to introduce a new competitor, Jack Delroy, to challenge the undefeated late-night talk shows king of the '70s, Johnny Carson. Despite six seasons on air, Jack has never managed to secure ratings higher than Carson's, although he came dangerously near once.

In preparation for sweeps week, a pivotal period where networks strive to maximize viewership to boost advertisement pricing, Jack and his unscrupulous producer, Leo, decide to step up their game. The duo, who have typically organized supernaturally-themed Halloween broadcasts, choose to feature a roster of eccentric guests on their show.

Things escalate into chaos as the night progresses, leading to a messy ending. The Australian filmmaking duo, Colin and Cameron Cairnes, leave no stone unturned in their attempt to create a spectacle, especially with the use of striking practical effects.

Nevertheless, the film's self-made obstacles impede its overall quality and enjoyment. The insistence on it being a “found footage” movie sets improbable expectations right from the outset. Moreover, the film liberally discards the typical visual aesthetics of American late-night shows from the '70s, which, ironically, are easily accessible through sources like YouTube.

The decision to give away significant plot details during the prologue detracts from the mystery and anticipation, and more or less guarantees that the audience knows where the story is heading. It also raises many unanswered questions about the backstory and the way the footage is edited together.

Furthermore, the film pushes the boundaries of realism, testing audience's suspension of disbelief, particularly when one of the guests emits an unnatural projectile vomit resembling the alien substance from the "Venom" movies.

Meanwhile, David Dastmalchian as Jack notably fails to convince as a stand-up comedian who could potentially challenge Johnny Carson merely through jokes and amusing banter.

Despite its flaws, the movie's originality and creativity are undeniable. The film's setting and atmosphere serve well to recreate the 70's essence, and it's evident that much thought went into creating the visually stunning facets of the film, notwithstanding the misplaced use of AI-generated interstitial and background art that screams 21st-century tech fads.

In conclusion, "Late Night with the Devil" takes a dip with unrealistic claims, misused opportunities, and foundational missteps. Yet, its uniqueness and visually immersive setting offer an engaging, albeit flawed, trip down memory lane.