I'll admit it, I simply saw this movie because I'm a Bill Pullman fan. However, as a child of the 80's, I found it quite amusing. It's definately a film for 3am.
The movie is in the same vein as Spaceballs, and numerous other 80s satires, though this film seems not have had nearly the mainstream appeal. Basically, its a spoof of "The Hunt for Red October", intermixed with minor spoofs on other action films. A couple of interesting cameos are from Roddy McDowall as Mr. Friendly (a Mr. Rogers sort of character) and Michael Winslow, forever remembered as the sound guy from the "Police Academy" movies.
This movie was entertaining for me, but I fear that a few of the jokes might not translate as well for those from outside of America. However, if you're a fan of Bill Pullman and the Mel Brooks' type of satire (though he was uninvolved in this production), you really need to check this film out!