I found this movie hilarious. The spoofs on other popular movies of that time were some of the funniest I have seen in this sort of movie. Give it a try. If you saw the movies that this movie is spoofing, and you get the humor, you should enjoy the movie.
I (and the others who watched the movie with me) felt the funniest part in the movie (this is not a spoiler because I will NOT tell you what actually happens) was a scene with the "flashy thingy" from MIB. When they first discover the device and do not know what it is does... and then again later in the movie... you'll understand when you get there.
My only complaint about the movie is that I have never been able to find it in DVD so that I could buy a copy.