The lyrics are a little cheesy, but it's all in good fun.
They did improve with WTF though, The two "I wont See You Tonight" songs have pretty good lyrics. In general though, they are pretty corny. A lot of it reminds me of stuff AFI did with Shut Your Mouth and Open Your Eyes (lyrically that is), which may be the reason I enjoy it somewhat.
Yeah, and WTF did shift more towards metal. The awesome guitars are welcome though. I'm also surprised I can listen to the whole thing without skipping a track, considering how long it is (no weak songs IMO). For the record, I don't normally enjoy metal either.