No, I liked it, it certainly doesn't deserves the amount of hate that it gets (along with KERMIT'S SWAMP YEARS).
Everybody else on the forum hates it, mostly because the final movie that we got was not the same movie that was originally drafted and penned (that and to confirm that Gonzo is, indeed, an alien, evidently ruined the character and his mystique).
It's definitely not the best of the theatrical films. In fact it's probably the weakest, but that doesn't make a bad movie. It still is plenty of fun to watch, and is consistently funny as is important with any of the Muppet movies. There are problems. No original songs, the idea of Gonzo's identity being revealed. However, there is a lot of heart related to Gonzo's relationship with the Muppets. The escape scene from Convent is also very entertaining. It's both exciting and humorous with the inventions from Muppet Labs.