First of all, go see the movie. It's funny.
The album is an excellent representation of the music from the movie, which was written by Alan Menken. In case you're not familiar with his work, here's a resume: The Little Mermaid, Beauty and the Beast, Aladdin, Pocahontas, The Hunchback of Notre Dame, and Hercules. Excepting that last one, they are excellent musicals all. Home on the Range isn't as good as, say, Mermaid, Beast, or Aladdin, but it's as good as all of the others (and way better than Hercules).
The songs are excellent, with "Little Patch of Heaven" being the best of the lot. k.d. lang's performance of that song is excellent, as is Randy Quaid's on the yodel song. Even better is the score, which has a very rich feel to it and is one of the best Menken has yet provided for Disney. If you have enjoyed his previous Disney films, then I think this soundtrack is a solid purchase for you.