The movie doesn't even succeed at its ostensible purpose, doing "Toy Story" with commercial mascots. Very few actual mascots appear, and they have no more than cameo roles; the majority of the characters are generic "funny animal" types.
When you figure in the hideously ugly artwork and animation that wouldn't have cut it on the Playstation 2, Foodfight isn't going to be the next "cult classic bad movie." It's just plain painful in every way.
I honestly feel bad for the actors who lent their voices to this movie, and highly recommend people to not watch it unless they purposefully want to see how bad this movie can be.
Watch at your own risk.