Yeah, Meaning of Life is terrible. Except for Mr. Creosote.
And Every Sperm is Sacred.
And the Protestant couple that won't fuck.
And Mr. Death.
And Live Organ Transplants.
And The Galaxy Song.
And Cleese as the schoolmaster teaching sex ed.
There's no doubt it's the weakest of the three movies. The lack of a cohesive structure really hurts it and some of the bits aren't particularly good. At the same times it's hard to really bag on the film because there's a ton of great stuff in there. It gets panned because it's not a rehash of Holy Grail or as witty as Brian, but in the end it's still pretty entertaining.
And the Crimson Permanent Assurance.
And my personal favorite scene, Graham being chased off a cliff by girls with floppy breasts.