The acting was pretty terrible and really over the top. Randy Quaid was probably the best actor in this and that alone gives you an indication on how good the movie is.
The lack of acting was probably the reason why many of the Jokes didn't work. The redeeming factor, at least for me, was the set design and character prosthetics. It was a visually fun movie to watch.
Overall I thought it was a decent movie and I can understand why it has a cult following. It's worth at least one viewing.
This is a bit generous but I'm going to give it: 3 curly toes out of 5