My husband, aunt, uncle and I did this tour last week (Package # 1 "Half Day Bollywood Tour" 6000 INR/person) and really enjoyed the experience. Mansi was our guide and she picked us up promptly at 10am in a large SUV with A/C and took us to SJ Studios in Andheri. We watched a couple of soap operas being filmed (Yeh Hai Mohabbatein, Meri Bhabhi), toured several sets and watched a short film on visual effects. We were able to take pictures with actors and take photos and videos on most of the sets. It's definitely more access than you would get on a Hollywood studio tour.
After SJ Studios, we had a nice lunch at an Indian-Thai fusion restaurant called "5 Spice". Following that, we toured the homes of the stars (Shah Rukh Khan, Amitabh Bachchan, Salman Khan, etc.) in Juhu/Bandra and visited a mini "Walk of Fame" on the Bandra Bandstand. Mansi brought us back to where we were staying by about 6pm.
Couple of things to consider (I'm still rating this experience "Excellent" since these didn't impact me but it could affect other travelers' decisions) -
This is not a tour of Film City - they will take you to a studio in Mumbai where a film may or may not be shooting (it's more likely to see a soap opera being filmed)
Traffic is quite heavy in Mumbai and a significant portion of the day will be spent traveling to Andheri/Bandra and back