This movie is much better than it has any right to be, because it is completely and utterly predictable. From the point all the characters are introduced, you or I could have written the remainder of the movie. Will the high school losers triumph? Will the beautiful senior inexplicably attracted to the semi-nerd hero turn out to be not so nice? Will the semi-nerd hero become a jerk, but then see the error of his ways? Will the school's bad kid be redeemed? Yes, yes, yes, and yes.
But the script is (actually) clever: the idea is to mash-up high school teen movie clichés with superhero movie clichés, and, on that level, it works just fine. And the acting is really good. Kurt Russell and Kelly Preston play the superhero parents exactly right: decent, clueless, a tad egotistical. Cloris Leachman, Bruce Campbell, Kevin McDonald, Dave Foley, and Lynda Carter(!) have smaller roles, and they're all hilarious. (At one point, Lynda has the line: "I'm not Wonder Woman, you know." And millions of middle-aged guys go: "Heh")