I had a blast. Wall to wall laughs and it still managed to get me invested in Coyote as a character. There's some actual meat on the bone thematically, which feels insane to say but it's true. A scrawny little gremlin who keeps trying even though he's cosmically destined to lose.
The 3D toon-shaded animation is bad though. It's well written, funny, and mostly has great timing, but most of the cartoon characters look awkward and slightly off model. A shame considering how great the underlying material is.
If it's still playing in your area please go see Coyote vs. Acme! It's genuinely a great time at the movies, not just something you have to watch to support it!!