I know this is an old thread, though we should keep it going for those who will be seeing it on DVD for the first time, those who missed the broadcast.
Anyway, the one thing I DID like about it was that the "offensive" stuff was indeed a finger up at the self-righteous censorship movement that happened after Janet Jackson's boob was exposed on national TV.
I remember laughing at the innuendos and Scooter Cage dancing in VMX, after the whining about Snoop Dogg appearing in it.
But, frankly, I think that, even if they used the same script, if they made changes to the actual production, the end result could have been better. I mean, somewhere down the line, the overuse of Ashanti, who can sing, but can't act a lick, the crummy "campy Batman" style camera angles and cinematography, and the fact that the Muppets and Ashanti kind of seemed awkward with each other, when they were acting. Plus the art direction seemed a bit off.
The main thing I feel was wrong was that the movie was either too saccerine or too cryptic at times. I think thy could have at least made a couple script changes, a couple more drafts, before they started shooting. I still hate the ending, though.