It is suuuuper cheeesy. I watched it as a child in the theaters when it first came out. (At the drive in, if memory serves.) Even then I knew it was cheesy. That didn't make it not fun, however, just fun in a different light.
I enjoy the references to ED that are sprinkled about in SR. I just don't use the previous history for my games, as I tend to run games that are more street level (at least, at the beginning) and involve regular people more than fantastic creatures. I really like the fact that everyone acts jaded and apathetic to miracles happening all around them. It makes the setting just like the real world with real people in it.
Don't believe that people will be apathetic about miracles? No? How about the fact that, IRL and the current time, humans have flat out INVENTED a new life form? Or the fact that we can remotely explore other planets? How about the advancement of technology to the degree that we are beginning to see cyborgs and cybernetics crop up. How about a printer that can "print" new organs for you? How 'bout that cloining?
See? It's amazing how people dismiss the world of wonders we have today. I don't see that changing just because a few big lizards or long lived pixies just happen to be around.