Just watched it, and boy is this movie really uneven. The parts at the beginning and end where it's actually trying to tell a story are a bit slow and uninteresting, but the random unconnected vignettes in the middle where Pee-Wee meets all these crazy characters are fun and have some great gags. Overall, not even close to touching Big Adventure, but worth a watch if you like the character.
Pretty much exactly my thoughts.