I went through a period of fandom for Feldman and Haim and watched every movie of theirs I could get my hands on. Even then, in the height of my adoration of the two, it was hard to enjoy this, and now it's just downright horrendous.
It's probably a good movie to drink excessively to. Maybe you could take a shot every time you hear another bad Corey Feldman song on the soundtrack, or every time their lips aren't in sync with the audio track. OR, every time Feldman has another Michael Jackson-esque wardrobe change!
The acting is sub-par even for the Corey's. The budget is low even for a B movie. The "unbelievably hot babe that all the guys want" wasn't even mildly attractive. She had acne scars and untamed hair and wore a ridiculous shade of all purple that wasn't even appealing back in the 90's. The dialog is utterly ludicrous, and I've a feeling that Feldman might have had a hand in writing it, considering how largely his name is plastered on the cover and the music and how cool it attempts (and fails) to make him look.
Dream a Little Dream was an enjoyable, if bad, classic 80's flick. Both the boys were decent in it even if the plot was sort of insubstantial. Dream a Little Dream 2 is a sad attempt to reconnect on past glory.
I bought it for $5. It's fun to laugh at. :-)