He did a pretty good recapping the film and why it's so fun to watch. He also provides some good (though brief) insight into the low budget practical effects in the movie.
Good Bad Flicks Recap of KILLER KLOWNS FROM OUTER SPACE (http://www.agonybooth.com/video333_Killer_Klowns_from_Outer_Space.aspx) ( very mildly not safe for work, or just keep the sound down )
One of the biggest reasons it is so fun to watch is the presence of John Vernon:
(http://www.winonlyriders.net/thelostforum/cinema/KillerKlowns2.jpg)
Remove him form the equation and you immediately reduce the watchability by a surprisingly staggering amount. John Vernon is just one of those b-list/b-movie staples that instantly makes any movie better.