As a preface, I have never seen an episode of the original show; I knew Estrada was in it and that's all. So, if you're a fan of the series, I cannot say whether you will enjoy this film (though based on other reviews I've read, it seems unlikely).
What I can tell you is that I had low expectations and just wanted a laugh. Dax Sheppard's films have always been hit-or-miss for me. When I bought the tickets, I wasn't even aware that it was rated R.
I was very pleasantly surprised! My friend and I both laughed non-stop at the off-the-wall humor. The success of the jokes was in the delivery - often very deadpan and unexpected. Some reviewers complained about the sex addiction/masturbation jokes, but I found them hilarious due to Sheppard's sincere concern and Peña's awkward embarrassment.
As a motorcyclist, I very much enjoyed all the bike action and liked that they kept it relatively realistic (but don't look for realism as a general rule; that's not what comedy is about) regarding the necessary skills (Ponche thought he could match Baker and was sorely mistaken) and the comparative speed of a lightweight sport bike vs. the clunky cruisers. I also loved that, when they upgraded to sport bikes themselves, they wore proper full-body riding gear instead of promoting riding in street clothes as most films do.
In short: this is a riot, not an Oscar-winner. Go for laughs, not for a serious cop film.