The documentary asks whether Hollywood movies and independent films are rated equally for comparable content; whether sexual content in gay-themed movies is given harsher ratings penalties than their heterosexual counterparts; whether it makes sense that extreme violence is given an R rating while sexuality is banished to the cutting room floor; whether Hollywood studios receive detailed directions as to how to change an NC-17 film into an R, while independent film producers are left guessing; and finally, whether keeping the raters and the rating process secret leaves the MPAA entirely unaccountable for its decisions. "This Film Is Not Yet Rated" was kept under wraps by the filmmakers during more than a year of research into the MPAA's rating practices. Director Kirby Dick interviews filmmakers, critics, attorneys, authors and educators. Ultimately, Dick tries to uncover Hollywood's best-kept secret - the identities of the ratings board members themselves.