Enjoyable, but there are some parts you may want to skip if you're watching with young kids!
Peewee's playhouse (while it was treated like a show geared towards young children) was very popular among college kids back when it first came out. The character Peewee was Paul Reuben's character that he created for Stand-Up routines and I don't think he always meant for it to be a character for children's television.
That being said, I believe there are a lot of pieces of this film that kids will enjoy! There are very visually pleasing scenes, and fun music that make it enjoyable to watch!
There are a few sexual jokes, and some inappropriate features, because I believe that this film isn't a film made with only kids in mind (being that many Peewee fans are adults now).
I would keep in mind that there is a scene involving male strippers, and while they don't get naked, or do anything overly sexual, kids may not understand what strippers are and ask for an explanation. This scene is easily skipped over, and it rather unimportant to the story so feel free to skip from 27:29 to 30:28.
That isn't the part that seems the most inappropriate to me though. Something that is a common theme in this movie is Peewee getting help from strangers along the way, and while this is all fun and good in the fictional world of Peewee Herman, make sure to explain to your kids that asking for help from strangers, or getting in the car with strangers is unsafe. If they're young and suggestible, maybe it isn't the best idea. If I watched this as a kid, it would take it as a reason to trust strangers and get in strangers' cars.
There is also a scene that implies that a man is going to attack or potentially even rape Peewee, and while this is quickly switched into him doing a Stand-Up routine for Peewee, it could potentially feel unsafe/uncomfortable or maybe even triggering for viewers (starts at 56:00 and ends at about 58:00)
Peewee is a bit ruder in this version (in my opinion he's always been kind of rude). It's nothing over the top, but again, it would be good to explain to your kids that that's not how you act in real life.
It's also good to remember that Peewee is a grown man, not a child, and that things are different for him, your kid may not understand that it wouldn't be safe to talk to strange men, or to travel alone, etc.
There are a few mean words used but not any swears (besides hell - that's used in a non profanity way, to explain ... hell, and badass - which is probably the worst word used in the whole film).
Overall, I think the message in this film is light and fun, and could be helpful for kids (or anything) who are scared to try new things or go places they've never been before.
Like with all media, talk to your kids about it and make sure they're take away isn't negative. Help them understand what is happening, and what's safe, etc.
For adults who want to watch this film, it's pretty enjoyable if you're childish at heart! I found it very fun (keep in mind that I enjoy comedies and light hearted films, as well as cartoons). If this genre isn't for you, I wouldn't waste my time. It's a very goofy film, but with good acting, fun (mindless) plot, and visually pleasing scenes and effects.