A friend and I were at the video store and bought this on a whim from the budget bin... I thought it looked bad enough that it would be a good laugh to watch it and make fun of it. No one was more surprised than me to discover that it was actually decent! It's a dark comedy not at all aimed at kids... I think it will become a great cult film like "Return to Oz." Admittedly it could have done without the numerous scenes depicting someone getting kicked, punched, or whacked in the family jewels, but other than that I had no major qualms with it at all. At times I laughed out loud, and I at least don't remember being bored at any point. What astonishes me most about the reviews of this films is that everyone seems to be taking it seriously! The same people who say that the plot is ridiculous probably loved movies like "Star Wars" and "Pulp Fiction." This movie didn't claim to be based in fact, and in fairness it can't be evaluated as such. Like any fiction film, it requires some suspension of disbelief. The dialogue isn't any worse than any of the action movies it so clearly mocks, and as for the acting, well, Peter MacNichol plays himself as usual (not a bad thing!), Christopher Lloyd turns in a appropriately cartoonish performance, and I was actually pretty impressed with the toddlers' physical acting, considering their age.
So, in summary, this isn't a 10 out of 10 but it isn't bad. You won't enjoy it if you take it too seriously, and you certainly won't enjoy it if you only look for its faults (which too many people seem to be doing). I give it thumbs up!