Moment of Awesome: Bela beautifully re-enacting his infamous "atomic supermen" speech from Bride of the Monster in the street and receiving applause from a gathering of onlookers. Made all the more moving by the fact that this is the last time we see him alive with Ed.
Tear Jerker: Bela Lugosi's latter Hollywood years were truly heartbreaking, and Martin Landau definitely plays up to the material.
The real Manly Tears moment is the "I turned down Frankenstein" speech.
Ed watching the last footage of Bela that will ever exist with a look that expresses joy at capturing his idol on camera and disappointment that he'll never truly know how much people cared about him.
A smaller one is in the interview scene, when Ed enthusiastically tells the executive he has Bela Lugosi lined up only for the exec to sneer about Lugosi being washed up. You see the heartbreak on Ed's face as he realizes how much Hollywood has discarded its star.
Bela's near-suicide attempt, followed by his admission into rehab and detox. The entire sequence is both a Tear Jerker and Mood Whiplash, since it's so surprisingly disturbing.
Vindicated by History: When released, this wrecked Burton's golden streak and made people doubt him and Johnny Depp. Today it's considered one of his best works and one of Depp's best performances.
Ed himself. Particularly in the film, you can see that he has a genuine passion and love for movies, and wants desperately to make his own films, and have people love them, not for the money, but just because it's what he loves, and he wants to share his love with people. Sadly for him, the one thing he has passion for in his life, he has absolutely no talent at. Imagine being terrible at the one thing you love. Sort of breaks your heart.
Bela Lugosi. Full stop. By the end of his life, he was a mess, and was stuck in horrible B movies, strung out on drugs, alcohol, and painful withdrawal. Landau's performance really helps here too.