I'm a big fan of Woody Allen, especially his earlier work.
This is, oddly enough, the film that got me into Woody Allen in the first place. It's rewritten dialog performed by Woody and some other actors, and it's totally hammed up. Some of the voices are great -- everybody has one line at some point that really just works perfectly with the absurd voice they've got.
Is it as intelligent as most Woody Allen films? Absolutely not -- it's just ridiculous dialog about the search for the ultimate egg salad recipe. It's long on throwaway lines and just ridiculous, almost Mystery Science Theater 3000 comments, and short on the usual jokes about death, dying, or Bergman.
However, it'd be totally inappropriate to have all of that stuff in this movie. Let's face it, this movie is just a silly, unpretentious exercise. The problem is that while it's usually funny -- laugh out loud funny at times -- it's uneven. Sometimes it can fly by, but frequently, it feels like it bogs down for a while, and the jokes wear thin.
This is a great movie if you like Mystery Science Theater 3000 type treatments, but if you can't stand them, I would avoid this at all costs. If you're a Woody Allen fan, chances are you'll like it, but it's a movie that definitely merits a rental first. I have a number of friends who are Woody fans that don't like this movie one bit. Likewise, I know a number of people who like this movie that can't stand Annie Hall (which makes me wonder what's wrong with them).
If you like absurd comedy with strange dialog, this is definitely up your alley.
Also, extra cool: The makers included the original and alternate dialog tracks (there are two Woody Allen dialog tracks, subtly different -- not a Japanese and English version) -- so you can pick what version you like. There's also a comparison that calls out the major differences in the special features, plus the egg salad recipe is hidden on the disc.