Jack-Tor is one of the funniest episodes of 30 Rock's first season, and was understandably Emmy-nominated for its witty script, which focuses on Jack Donaghy's pitiful attempts at pulling it off as a comedian.
Why does he do that? Because he had the genius idea of showing TGS's writing staff an informational video to emphasize his point: they should write sketches with GE product placement. Liz gets back at him by writing a skit that actually makes fun of the decision, and insists Jack play himself on the show. Of course, that was before she finds out the famous video, which is only a few minutes long, took five days to shoot, courtesy of Jack's lack of acting talent. In addition, Liz has to deal with the possibility that Tracy might be illiterate, while Frank and Toofer scare Jenna by making her believe someone will get the sack for the sake of budget cuts.
Jack-Tor is a complete success because of its self-referential (and self-spoofing) main storyline: watching the informational video's Making Of (basically a very long gag reel) and hearing Baldwin humbly admit he can't act is a huge treat, with the irony being even more poignant if you consider the funny-man won a Golden Globe for his work in Season One. The Tracy subplot is also one of the funniest ever made about that character (plus, it comes with a Barack Obama joke - always good), and finally, Jack-Tor features one of the smartest "breaking the fourth wall" moments ever seen on the small screen: while helping Jack to get over his stage fright, Liz says the most important thing to do is to not look into the camera. Baldwin, with a smug grin on his face, does exactly the opposite, as if to say: "What the hell, I know what I'm doing". He sure does.