I'd have to hear the album a few more times, but my first impression was that it was decent, but nothing truly classic. If this holds up, then Steel Panther will be matching the tradition of many of the hair bands of the 80's who are able to put out fantastic debuts and sophomore albums, but lose steam about 3 to 4 albums into their career.
Still, I'm looking forward to seeing them live in July at the Chicago Open Air Fest, and perhaps even sooner in Atlanta if my schedule permits. I've seen them live three times thus far and they are always entertaining. They are a joke band that takes their music very seriously (if not their lyrics).