It was inevitable that this wouldn't last. Almost all the jokes rely on the fact that you are familiar with the original show. If people were born after it closed, "we've done the same show since 1963" will result in a "what? huh? 63? is this some obscure reference to tiki bars in the 60s?" kind of response.
It was also dated when it came out as it pretty much updated the show from 60s to 70s-80s.
The few things I liked about it were the advanced tiki goddess (albeit with a dumb name) animatronic at the time it was impressive, and some of the jokes were amusing.
I loved the original show and was nothing less than devastated when I suffered through the abomination the "new management" brought to Walt's favorite attraction! Iago is unbearable, aggressive, annoying and just someone to hate, I had the urge to climb up and rip the AA to pieces. The show had NOTHING to do with Tiki culture any longer, RAP and songs about as Tiki as a polka band ruined a classic attraction and this "plussing" couldn't have been timed worse as in the late nineties the tiki revival was beginning that led to a new wave of tiki bars, shops, restaurants etc. worldwide.
They didn't change the show in DL, instead they made a major refurb and when the room opened again it was a major success. According to CMs and guests the WDW-version is one of the least popular attractions (together with SGE).
If you don't know the original show (and don't dig into tiki culture) then perhaps you will find it amusing although it still will be aggressive and loud.
Unfortunately the Under New Management edition totally ruined a classic attraction. Not sure what they were thinking, but it's aweful. I'd give the original a 10 out of 10, but the changes made to it put this right down at a 3.
Let me preface this by saying that I am a huge fan of the original Tiki Room and, if you never experienced it, the updated version is probably okay. However, given my bias, I thought this show was awful. The music was lame, the new birds were grating, and the show seemed shorter. It was actually really sad.
All of this being said, the effects are still neat and the birds remain pretty fun to watch....So 5/10.