Idiot Plot: It's actually a fairly standard, if dopey, ecological angst-type plot for the first third... until the "After we've dosed up these lab animals with an unknown serum, let's leave them alone and barely secured with a small child!" part kicks in.
Narm: And how! At one point, Doctor Leopold seems to seriously consider a vampire. Or a saber-tooth tiger. Mike and the guys are incredulous at this, and say they doubt he's a real doctor.
Nightmare Retardant: Given the whole 'took cute widdle nose-twitching pet bunnies and filmed them in extreme close-up' attitude to SFX on display here, it's really hard to take these Giant Killer Bunny Rabbits seriously even were you inclined to try. You're more likely to be scared of the Killer Rabbit of Caerbannog.
Took the Bad Film Seriously: One reason why it's such a laugh riot is because the actors and everyone else involved with the production took the premise (again, Giant Killer Bunny Rabbits) completely seriously.