I love it!
I told my DJ the same thing about "Achy Breaky Heart" Cannot stand that song!http://www.youtube.com/watch?v=P4M-4yDlvFo
Sometimes at school I play Weird Al's version instead of the original. Although the kids don't know all the bands and singers who are referenced, they do get that Al is making fun of the song and they quite enjoy it.
I also enjoy "You're Pitiful":
"My life is brilliant!... What, was I too early? I'm sorry, should I... you wanna start over?
My life is brilliant/your life's a joke/
You're just pathetic/you're always broke/
Your home-made Star Trek uniform really ain't impressin' me/
You're suffering from delusions of adequacy
You're pitiful/You're pitiful/You're pitiful, it's true
Never had a date/that you couldn't inflate/
And smell repulsive too/what a bummer being you!"
So funny. And better than the original.