I dunno, but I have yet to see a Stephen Chow movie that I didn't like. Even the bad Wong Jing ones with the annoying mandarin dub redeems itself sometime during the movie. "King of Comedy" is not a bad Wong Jing one.
This movie made me feel so good. The gags kicked in within the opening minute in the movie when Chow is lecturing the extras. His riffs on method acting throughout the movie is great ("...from inside to outside to inside again...") and the John Woo parodies are timeless (except a lil' problem with the realistic aspects of shooting a movie: how can they do all that in one take?) The remakes of Bruce Lee's Fist of Fury or the new song for Thunderstorm ("Yu ah so han-sum, yu ah so xi-maat). The sequence with that little naked kid has to be seen to be believed (on paper it sounds a lil' more twisted.)

However, beneath all that we have a lot of heart. True the characters are wildly exaggerated and stupid-fied (the triad teenagers for example), but they still possess real identifiable human emotions. Chow finds a solid balance between humor and sentimentality. Nothing is ever too sappy or too mechanical: every action in the movie seems to make sense--in THEIR world that anyways.

I was a little disappointed by the really really random and self-contained ending. I still had no idea where it came from. Another disappointment was the misopporutnities such as the karaoke video they were shooting in the movie or the Quentin Tarantino impersonator--both could've been wildly funny but instead they were only mildly funny. Nevertheless, the movie still made me feel really good.

(Ps, if you can, please watch the movie in its original Cantonese copy. The obnoxious Shi-Ban-Yu who always dubs Stephen Chow just sucks in this movie: he robs Chow of all that deadpan hopelessness that he has created and crafted so carefully and probably so painstakingly.)