It's a movie that embodies the story of a group of emerging geeks of Lambda Lambda Lambda at a conference in Florida. These nerds are trying to trick Alpha Beta actors who are also taking part in the conference, and maybe they can do it.
Because the cast is basically the same in both parts of the Nerds saga, the blame for the saga's decline must be assigned elsewhere. A good bet is that the change in director and screenwriters.
It's a gross parody of its original. And since the original was a gross parody to begin with, the whole thing begins to seem gaseous, overbright, hideously inflated, as if all the bodily function jokes were about to belch it right off the screen.