I saw V&S&M&S at the Mark Taper (same production with Nielsen and "Cassandra" recreating their roles) and then I did the show (as V) and then I watched the LCT stream.
Ultimately I don't think it is a great play and not even top-drawer Durang. I think it emerged as a success in a very weak season and appealed to the snobbishness that V&S&M's parents suffered from in naming their children: it flattered the egos of theatregoers who "got" the references and that was seemingly enough.
But that's just me. When I'm watching a show I will laugh regardless of what the people around me are doing and conversely, all the guffawing in the world won't seduce me into joining in. The coffee cup throw didn't work in any of the versions I was present for. nor did the Cassandra histrionics. The only consistently successful moments were the Maggie Smith impression, the big V speech in Act II and anytime Spike took his kit off!