Since I haven't seen the classic that came before this, I'm unable to compare it, or be biased by it.
Robin Williams movies are always a pleasure to see. But, the over the top script for this one is hysterical. I'd imagine one has to be somewhat open minded to enjoy it. ;) Having many gay friends and having gone to many a party thrown by them, I can see it all taking place. And, the drama caused by a very feminine man playing a very straight woman in order to avoid coming out of the closet is too funny. That dinner scene is an absolute riot.
The sad thing about it is knowing that so many have to hide their sexuality for fear of being ostracized. But, this puts such a humorous spin on things. It must have been a really fun movie to produce and/or act in. Rent it when you are in need of a laugh! :)