First I should say that I'm a big fan of Mike Myers. So I really wanted this movie to be great. I thought the first two Austin Powers movies were hilarious. The 3rd was a little forgetable. Unfortunately, this move was worse. There were some very funny moments, but none that were so funny that I felt the need to quote them later.
Also, maybe my sensibilities are just more aware now because I now have kids, but this movie seemed much raunchier than others he's done. My biggest complaint with this movie was that it would take a funny joke and run it into the ground, trying to re-use it again and again.
Although, I must say the scenes with Mike Myers and Verne Tryer were pretty good. My Favorite line was from the Love Guru to Mini me. "I would have invited you to this meeting, but I knew you already had a meeting planned with the Lollipop guild."
So In summary, skip it.
I'll admit that some movies I think are funny now (Anchorman, Dumb & Dumber) I didn't care for the first time I saw them. But I really don't think this will be one of those. I feel confident Mike Myers has plenty of good movies still to offer us. I read recently there are discussion of an Dr. & Scott Evil movie. I'm sure I'll have to go see that one if it happens.