This is not the best British puppetry that I have ever seen, but it is also far from the worst.
Comparing this to the American spoof film, Team America, or the short lived MTV series Super Action Team, makes sense. This is a film that is poking fun. However, this film does not break that fourth wall with puppet on strings jokes--particularly because these are not marionettes. Yet, this film is "playing it straight." The tone of this movie is closer to that of Supermarionation films that exist as complete worlds unto themselves.
This alternate reality film is an interesting way to stage its own story as its own, unique universe of possibility.
Yet, not the best film ever. It is fun.