This movie is great. Sure, the production is crap, but the subject was way ahead of its time. From all the Ed Wood films I have seen, this is my favourite.
Sadly I've still never seen the original and only know of it from Ed Wood. It must be due for a re-release, surely? I'd pay top dollar for Eddie Izzard and Grayson Perry's commentaries on it over half a century after it was made!
It's a wonderful movie. As @TheSowIsMine pointed out, the production is crap, but the story - while really bizarre at times - is really heartfelt and one that resonates strongly today. Ed had a great ability to weave a story, but alas, was limited by budgets and his own shortcomings as a filmmaker. If he had allowed someone with a little stronger writing ability come in and help his stories, and had been able to get more money, he might have been a more respected filmmaker.