The second Austin Powers spy spoof was a big hit, and I remember loving it, but fifteen years on, it's lost a bit of its luster. It's still funnier than the first film (mostly thanks to Verne Troyer), but not as solid a film overall. We live in a world where the James Bond franchise is now deadly serious and not a parody of itself, so maybe there's no room for this type of spoof anymore. Some of it is still very funny, but a lot of it is cringeworthy. Not hard to see Myers already walking down the path that would lead to gems like The Love Guru and The Cat In the Hat.
Updated May 2015, as my original screencaps were bloody awful!