I watched it today. I started watching the full movie, but during the first actual sex scene, I just went to the sex-free version. I'm not adverse to seeing sex or anything like that... it's just.. well, seeing the Riddler, in full costume, having sex... yeah... no thanks.
The movie was pretty awesome. While it was obviously *not* an episode of the TV series, it really did a great job of parodying the old show. I wouldn't really recommend it to anyone who wasn't familiar with the series though... they'd really be lost.