The first time I saw CCF I walked out of the theater wondering whether or not I liked it. The more I thought about it and a couple rentals later and I love this movie. It's funny on so many different levels you've really got to dedicate a few viewings before passing final judgment.
This is one of the few movies I'd put in the same category as "Rozencrantz and Guildenstern are Dead" - movies that get funnier the more times you watch them.