I rented this at blockbuster a few months ago and watched it with some friends. It was HILARIOUS. The fact that Gary Busey is in it makes it even better.
Totally worth renting for the cheese factor alone.. if you've ever enjoyed a B movie, go watch it. It's so funny.
They also have a "Monster Gone Wild" that recently came out with lots o' monsters and cheesecake... how can ya go wrong?