I cannot bring myself to put this in my Tier 1 as it is impossible for me to hate anything that contains Muppets. That said, seeing the Muppets in this uninspired and thoroughly unfunny dreck just made me incredibly sad. There is no reason to watch this; not out of curiosity, not for Tarantino... not even if you lost a bet. I guarantee that the train wreck you are currently imagining is, at least, more entertaining than this was.
I always thought that if Jim Henson Studios did a movie based the Wizard of Oz based more on the book series than the 1939 movie. Than I realized this would only come to fruition if it was done in the 80's, starred Frank Oz and Jim Henson, was dark and creative, was a musical, and starred a pop musician.