On the face of it, it's an exercise in cynicism. The hero, Hammer, is really the awful guy, and the villain is the good guy. The commentaries in the special features are long, knowing winks. It's all just a joke, especially for sophisticates in the film and www worlds. But it escapes pure cynicism because the creators and actors clearly loved their characters, the story, the music, the very act of putting on this act.
So if you do watch the DVD, don't forget the special features, which are as clever and hilarious as the show. Those applications sent in by Dr. Horrible fans to be in the ELE warmed my heart--it's good to know there's so many people out there who revel in intelligent silliness.
You can watch Dr. Horrible online here.
