Not that bad
As of this writing, this movie has a 3.5 rating. It's not that bad and doesn't deserve such a low rating. It's certainly better than uber-crap of the time like Porky's.
Particularly memorable are the scenes with Chief Dan George, Jay Leno, and Meatloaf. Even Harvey Korman isn't that bad and could very well have been the role model for Krusty the Clown in The Simpsons ten years later.
If nothing else, as mentioned in one of the reviews, I can see watching this movie as a way of understanding how many (if not all) of the rabid, ultra-conservative, right-wing Gee Dubya Bush supporters (people like Ann Coulter, Rush Limbaugh, and Bill O'Reilly being the best examples) viewed the Clinton administration and why they have such a psychotic hatred of him.