It was funny, insightful, versatile, with tons of parodies, but unfortunately also one of those short lived shows in the 90s.
I relay liked it, even when I rewatched it. Yeah, there were none funny moments and jokes, but most of it worked out swell. Best thing was you never knew how it's going to end, because the show was chaotic, and some stupid endings were resolved with "Cut! Oh forget it, lets do something else." In a way the writers and studio represented themselves in this, and got away with it easy.
It was sad when they canceled it after the second season, but it could have been worse. If they were to drag it for too long (or worse, remake it now), they would have came up against the Internets public new growing image of adult entertainment. Now there is so much horror in the Internet that I don't even want to know what kind of Freakazoid it could make. Still, one more season would not have ruined the show.
All in all, a great short lived comedy show, worth watching anyway.