Like the first of the Addams chronicles, this is an essentially lazy movie, too often settling for easy gags and special effects that don't come to any really funny point.
Surprise, surprise -- Addams Family Values is more wicked, more warped and more tightly wound than The Addams Family. It's a dark comedy on the edge, way on the edge, and perhaps twice as funny as the original.
Uneven as it is, Addams Family Values is considerably more enjoyable than its predecessor. At this rate, if there's a third installment, it'll be a knockout. Or at least a TKO.