I thought MasterBlaster was great, although he certainly needed more polish. The Thunderdome was pretty cool, in an over-the-top, completely ridiculous kind of way. The story of the lost tribe was nice. And Jedediah and Jedediah Jr cracked me up. Then there were some small design choices, like putting the huge head on Max when they sent him to the "Gulag".
The big problems with the movie were the broken plot, the huge tone shift halfway through (from something in between Road Warrior and For a fistfull of dollars, to a mix of Raiders of the Lost Ark and Captain Hook), and Tina Turner.
Ironbar is also kind of annoying. It struck me by the end of the movie that he is supposed to be a comic relief character, not a credible threat to the main characters, and that's kinda silly.