These are what we call the 'YMMV items.' Things that some people find in this work. We call them 'your mileage might vary' because not everyone sees these things in the same way. This starts discussions in the trope lists, a thing we don't want. Please use the discussion page if you'd like to discuss any of these items.
Designated Hero: Oh let's see. Kevin's an ineffectual, whiny idiot, Amy spends the majority of her screentime complaining about Kevin's aforementioned uselessness, Daphne's a whore, Nick's a sex-obsessed Jerk Jock, and Kyle's a perv. And yes, they're our "heroes".
Daran Norris making out with the waitress named Pixie, after knowing he want on to play Cosmo.
Servo's "No life after drama club" riff on Daran Norris' emcee in the MST3K version becomes this once you're aware that Norris was the only one in the movie to have a respectable career after being in it.
The "decyphering" of the "Kiss Kicker 99" reveal that the first verse is "Why work for something when you can steal it?". Considering this movie's status as a low grade Gremlins ripoff, it's quite appropriate.
One MST3K fan wrote a one-act play about a supposed sequel, then a real sequel was made.
Narm: It's in abundance, but the moment that really stands out is the infamous rake fight.
The Scrappy: Most of the cast, especially Kevin and his circle of friends. Kevin is essentially a Scrappy Hero with his constant mewling and whining. For his loser friends, Daphne and Kyle especially stand out for their Scrappyness.
Special Effects Failure: The Hobgoblins were basically stuffed animals. Only one was an actual puppet that could have its mouth opened and closed with a hand inside it.
So Bad, It's Good: Given that it's essentially a 90-minute porn flick with no porn, this is about the best the movie can hope for.
They Wasted a Perfectly Good Plot and Character: Clearly, the movie would have been much better if Dennis, the irreverent music lover, were the hero. This is probably because no matter how stupid his friends are, there's no way they'd be as annoying as Kevin and his pals.
Ugly Cute: The Hobgoblins (Tom: '...Frankie, Sniffles, Bounce-Bounce & The Claw!').
Likewise, the conservatively-dressed "real-life" version of phone sex operator, "Fantazia", is actually somewhat more attractive than the hideous weirdo "fantasy/hootchie/David Lee Roth" version that tempts & almost kills Kyle.