I almost couldn't make it all the way through this, but I'm glad I did, because the final fifteen or so minutes are priceless. I got to see a hippo's giant tits, a rabbit projectile vomit, a fox sing about sodomy, and see the hippo with the tits then go on a killing spree. Way more fun than any Lord of the Rings shit.
Not as crazy shocking as most claim to be, Jackson's Feebles is an adequate, muppets gone wild romp. Jackson's direction is much better than expected for this sort of thing. The shock value of the film seems rather tame and the film probably worked better before the South Park/Avenue Q era. Jackson focuses too much on the Muppets nasty acts, rather than his knack for set pieces and slapstick(we do get a bit of both).