It is impossible to deny that this film has some hilarious parts. You can't help enjoying the absolutely ridiculous outfits and mannerisms of the pimps.
Everything from Willie's beyond gaudy car to even the characters' names (i.e. the white pimp named Milky Way) is pretty entertaining.
But it does have some serious (well okay, maybe not serious) implications as well. It is basically set up like most classic tragedies; a man in a position of great power falls due to a tragic flaw. Willie is likable enough not to deserve our hatred, but ruthless enough that we accept that he deserved his fate. Okay, so it's a bad idea to overthink this movie, but it is important to at least recognize that format.
Furthermore, its social implications are pretty relevant. It portrayed Black and White characters in both positive and negative stereotypes, as well as providing more well rounded characters to serve as positive rolemodels. It started out glorifying the pimp lifestyle and slowly de-glamorized it as a life of dishonesty, drug addiction, violence, and eventual ruin. It may have really given young kids growing up in ghettoes in that era as made something to think about by slowly exposing the harsh realities of a life outside the law. Especially since it also presented positive Black role models who came from similar situations, like Cora, a prostitute-turned-social worker on a quest to help rescue other young girls from a life on the streets.
