It's a pretty entertaining article. The only notable scandal is Mehta's claim that most Bollywood movies are originally written in English before they are translated into Hindustani (Hindi + Urdu).
Otherwise, it's not too too exciting. He's most convincing -- and, I think, correct -- when he talks about the deep passion for the music that many Indians have. But you don't need to go to Bombay to find that out.
Kerim, who knows Suketu Mehta, has some good comments on it. Thanks also to Sachin for the tip.
Incidentally, Mehta's book on Bombay, Maximum City, has been discussed at Another Subcontinent on occasion.