I bought this Blu-ray solely based on the wild synopsis written on the back. It's one of those "I've got to see this" premises. Some highlights featured are a world-renowned calf model (whose fate is, well...), a sex, drug and back-to-school clothing ring, booty bumps (don't ask), and Mall-Wart brand discount prostitutes, as well as some crazy fighting, dancing, and stripping.
S#!t and Champagne is based on a drag stage show, of which you can see clips of in the extras section. I'm assuming this ran for a while, because the performances in the movie are spot-on. Impeccable timing, fully-realized characters, and some great comedy. Surprisingly, all the same actors in the show reprise their characters in the movie. You don't see that often. Also, scenes in the movie are straight out of the show.
I don't know what the budget was on this movie, but it is professionally made (and it's supposed to be parodying low budget exploitation flicks of the 70's). They've foregone the overused grindhouse aesthetic for what is a really good-looking film. Production is period-specific to the 1970's, and it has a great soundtrack! (Though not 70's specific).
I'm sure this movie is aimed at a particular niche audience, but if you're a fan of wacked-out, high-camp comedies, this certainly has a lot to offer. It occured to me after watching this, both subjects in the title are represented prominently in the movie (so add "low brow" to my description).