Why rehash the original like this?
It might have made sense if Innes and Idle had taken the story forward into their solo careers and then shown them as they are today and then included archived material like from "Archaeology" but from what I can see it is exactly the same jokes and story as they had in the original only with extended scenes using those people available (those who aren't dead or too expensive).
Then you get lots more modern "celebrities" like Conan O'Brien and Garry Shandling instead of Gilda Radner or Mick Jagger?
Is Eric Idle really that poverty striken? Monty Python isn't keeping him in enough scratch that he needs to sell whatever he can?