Don't get me wrong. I am a huge fan of "Police Squad! (In Color)". It's just that what made that great is exactly what is missing from this movie. In the Police Squad! series, Leslie Nielsen played a straight dead-pan character, very serious. Very little mugging to the camera, and reacted to the silliness around him with a dryness that only Jack Webb could muster.
In Spy Hard, we have a cartoonish character whose a buffoon. He mugs to the camera at every turn. He's trying to have fun with the audience. Sadly it just makes him look sad. The best thing about this movie (the 5 star moment) was the opening credits sung by Wierd Al. After that, to say it's ok is pushing it. It's bad, but not bad enough to be good. It's more like a poor-man's "3 stooges" style slapstick than anything, and I do mean totally destitute type of poor.
You would be better off seeing Airplane or Police Squad! (and the Naked Gun movies that followed) 20 times in a row. You will find the 20th showing of any of these movies more enjoyable than the first viewing of Spy Hard.