The first time I saw this one I must have been 16 and I remember this enjoying quite a bit. But upon watching this a second time many many many years later (yes I am that old) it was almost painful to watch.
A lot of the comedy that is supposed to be funny and hilarious simply won't work because some of the jokes and references are really dated. The biggest flaw however is the fact that despite the ridiculous plot and the goofiest of characters this film takes itself too seriously. Next to that Gene Hackman is paired up with Dan Aykroyd. A very unlikely duo and they have no chemistry whatsoever. Dan Aykroyd's character is too far removed from a police officer you could ever take seriously. I know that that is part of the joke. Still even if it was just for a short while you have to show the audience that despite his episodes he is cop material. I never doubted Gene's character. Even when he was joking there were enough moments where he showed that he bled blue. The pacing is off also. Some scenes drag far too much. Luckily there are a few competently choreographed action sequences that offer a welcome variation.
Overall though this is one that only a younger audience will enjoy since they far likely will be less critical of the easy jokes.