I'm all of the above. I first saw it on HBO a couple of months ago and now, I keep Parts 1 and 3 in my On Demand cue (for some reason, part 2 is not available).
I don't think of it as a kid's movie. It's just a silly movie about a silly premise. But, unlike many similar movies, it's neither condescending nor affected. With the pop culture references, double entendres and workplace humor, I think 70-80% of the jokes target the millen-X generation (born in the 70's and 80's) and would (or should) be lost on kids.
It's kind of like the "Princess Bride." It was one of my favorites when I saw it as a kid, but there was a bunch of stuff that I didn't get until after I became an adult.
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