The fans will love it, and casual viewers will get some laughs, too.
Of course, Mike, Tom and Crow mercilessly pummel the movie with jokes, like how Cal grips metal bars because they're magnetized ("And if your hands were made of metal, that would mean something") or Joe's inability to be any kind of hero ("Into the Weeniemobile, Weenie Man awayyyy!"). Some of the jokes are dated, like "Denver's new airport" and a few Bill Clinton barbs, but most of them remain timeless and pretty hilarious. They're also aimed at young ages too, mind a couple of swear words on Tom's part.
Even though "This Island Earth" was chopped painfully short – the movie in itself wraps up in 75 minutes, well below the usual MST3K running time – it's entertaining to watch, and the side bits between the film are good too, including the attempted rescue of a punctured Hubble and an interocitor conversation gone wrong. Fans will enjoy it, and newcomers may be tempted to see how this part of its legacy fares – even though it's no more, and the creators behind it have moved on to Rifftrax and Cinematic Titanic.
When the DVD re-released in 2008 – after the original Universal release went out-of-print and became extremely rare – it came bare bones, with just the movie. For this release, Shout Factory added some good extras, including a brief "Making of", a "Motion Picture Odyssey" featurette that has new interviews and other goods, and a few deleted scenes, about 23 minutes worth. It would've been nice to get a director's cut of the movie, but, hey, these extras are certainly bountiful.