It surprised me. When I watched AP2 on dvd, I was not that interested, because I didn't enjoy it too much in the theaters. Very hit and miss, as had been said.
Well, in this case, we watched all the special features, so that after every scene, there'd be 3 to 5 minutes of other material. Sometimes commentary, sometimes deleted scenes, etc. And amazingly, it made the movie better.
When you watch it as a series of comedy skits, it works. It's like a good episode of SNL with thematic linkage. It's only when you try to watch it as a movie that it fails.