Caught a showing of Your Highness this weekend. Loved it. I highly recommend it to folk who like D&D and just about any other tabletop pencil & paper rpg. Full of wonderful tropes, good (penile at times of course) humor and general wackiness. The movie is both a serious fantasy movie with a quest as well as a not-so serious comedy all wrapped up in one.
While it is very obvious that the movie is meant to be a huge load of camp, it is pulled off very well. While some of the subject matter is not the most tasteful by general standards, the movie does a wonderful job in my opinion of aiming at the right demographic. As a longtime gamer, I have been in (and run as a gamemaster) many sessions that left me and the other players around the table laughing our assess off. While some of the humor in Your Highness is a bit forced, most of it had that gaming table humor feel to me.
This is one of those movies that I think will stand the test of time fairly well. I may just see it again, or grab a copy when it comes out on DVD. Great stuff all in all, good acting, good casting for the various roles, wonderful humor, good action. All in all a very entertaining movie.