I tend to consider this more of a parody of the original story than a story in its own right (except for the Timon backstory parts at the beginning), and so I tend to find it a pretty fun movie to watch even if it isn't nearly as good as the original or TLK2.
However, I think it absolutely beats both of them in the humor department (which they weren't really going for, to be fair). And I think Timon's out of nowhere proposal to Shenzi is the funniest thing to happen in any Lion King media, period. I laugh every time at the absurdity, even when I watch the movie now. What moment from this movie gave you the most laughs?