This movie isn't so much a "Repo Man" sequel as it is a remake taken to ridiculous extremes at the expense of things like plot, character development and cinematography. It's loaded with references and parallels to "Repo Man" and at least 8 actors from the original (not including Cox) appear here as well. I got a big kick out of this, but it will obviously be lost on anyone who isn't a "Repo Man" fan and won't appeal to many of those who are, so we have a movie that by design has been made primarily for the benefit of a small subset of the small cult following of the original.
The movie is unique, however, in the way it creates the fantasy world in which the action takes place. A surreal environment is produced by being filmed entirely in green screen with the floors and backgrounds added later. Although the opening scenes are made to look almost realistic, the movie increasingly uses obvious toy models and cartoon animations as it progresses. Most of the film's entertainment value comes from accepting this alternate reality as a place which is at least possible in our imaginations even if completely implausible in the real world.
The point of the movie, of course, isn't the thin, absurd plot but the satire which gets leveled at many aspects of modern society. I would assume that the shallow and fictitious nature of the environment created in the film is supposed to represent those same qualities in the targets being satirized. Topics such as celebrity culture, heartless corporations, liberal activists and homeland security all get the Cox treatment. Unfortunately, it's done without the depth, coherence and brilliantly insightful dialog found throughout "Repo Man". Although I very much appreciate all the things Cox was trying to do, I would still find it hard to recommend this movie without attaching numerous qualifications to such a recommendation.