Eh, not as funny as I think it could've been. Other than the choruses, the visuals weren't particularly well-synched with the new song.
OTOH, it is amusing to see the young Rex Smith and Kevin Kline prancing about.
And, I do love the Jonathan Coulton version; someone pointed to it last year, when there was a thread here debating the relative merits of "Baby Got Back" and "Fat Bottomed Girls". That's also where I found "Owner of a Lovely Butt", a mash-up of "Baby Got Back" and "Owner of a Lonely Heart".