I love this movie!! Judge me if you will, but I stand by my opinion. Forget Mars Attacks, THIS is the best B-movie spoof made in a long time. I haven't seen the original (though plenty of supposed footage from the first one is spliced into this film as part of the joke, much in the same way as Bride of Frankenstein, 1935), but from what I can gather from reviews, this is better.
The film constantly makes fun of its low budget with several actors playing multiple parts, and the product-placement scene in the Pizza Place precedes the one in Wayne's World by years and is much, much funnier. The before-he-was-famous Clooney is hilarious, and there's a nice touch having John Astin (who has already spoofed light horror in the original Addams Family) play Professor Gangrene.
The film is simply a silly delight to watch, so I recommend you get your hands on it as soon as possible!