This certainly wasn't Oscar-worthy, but as a spoof of the worst parts of every other dance movie ever, they carried it off pretty well. Some of it fell flat, but other parts were remarkably charming. It's the best spoof musical I've seen yet.
It could have been better, but almost any film could have been. Getting Andrew Lloyd-Weber to write the music, consulting Robin Williams on some of the jokes, getting A-list acting talent - any of these would have improved the movie. They didn't have the budget for any of that, though - and they didn't really need to, either. If you like spoofs, and can sit through a musical (with music far better than Repo had, at least), I think you'll consider it time well-spent.
It could have been better, but almost any film could have been. Getting Andrew Lloyd-Weber to write the music, consulting Robin Williams on some of the jokes, getting A-list acting talent - any of these would have improved the movie. They didn't have the budget for any of that, though - and they didn't really need to, either. If you like spoofs, and can sit through a musical (with music far better than Repo had, at least), I think you'll consider it time well-spent.