A long time ago...
It's been about 3 decades since I last saw this.
I recall it as actually pretty decent within the context, but the thing I most recall about it is that the best part was the first half, "before" they got the "Village People" together. The music for that first half struck me as much better than the stuff that followed.
My tastes, of course, have changed quite a bit since then... so no guarantee that "me" was correct by any means. But try looking at it as two movies, and see if the first one wasn't better than the second one.