Let me first echo the rest of the reviews by saying GO WATCH THIS MOVIE. It's hilarious, it's nuts, it's Mel Brooks at his finest (except for perhaps Young Frankenstein, The Producers musical, or of course Blazing Saddles).
If you love comedy or have seen/heard of Errol Flynn's "The Adventures of Robin Hood", you're either going to be offended by this film or you'll love it. Brooks does an excellent job of including parts from the original film while making a polite mockery of it all. Even if you've never heard of Errol Flynn, Carey Elwes plays up a version of him for us to enjoy, with great lines like "Wait a minute, I'm not supposed to lose! Let me see the script." If you think you've seen him before, Elwes plays Wesley in "The Princess Bride", so yes you have seen him. The songs in the movie fit well, including the titular Men in Tights about the fact that they're, well, men in tights. (They're butch!)
Lots of little appearances and big roles by incredible actors, including Tracy Ullman as the creepy lady with the nose. I forgot her name. There's a wonderful guest appearance by (Sir) Patrick Stewart as King Richard (thanks for the spoiler, iTunes).
Honestly, my only complaint is that it was a little long and didn't have more songs.
Again, if you like Mel Brooks, Robin Hood, classic comedy, 80s movies, Carey Elwes, Patrick Stewart, what have you, you're gonna love Men in Tights. Definitely worth $15.