SpaceAce, The Boogens is one of the best early 80s horror movies IMO. It is an extremely fun slasher/monster movie that you will have a good time with. I wouldn't have said the same of Humongous, which is a fairly average entry in the genre. Lynch has his moments, and Prom Night is my favourite horror movie of all time, but it's not the one I'd generally choose to watch, given the choice, and Humongous is several rungs below Prom Night in quality.
I too have blind bought immeasurable amounts of crap in the last 15 years or so, but The Boogens isn't one of them. (OK, I downloaded it, but the end result is the same. Before this DVD/BD was released, I might add.)
BTW, that TV spot is a great marketing tool. Genius!! It sells The Boogens, but gives nothing away in terms of the movie. I guess some people would be upset if they saw that on TV and then saw nothing of it when they went to the cinema, but I get the idea and think it's fab.