I love Wayne's World, and I loved Austin Powers when it came out. I think Austin Powers is a genuinely funny movie. But I also agree that those sequels are terrible. Austin Powers 2 almost literally smells bad, that's how much it stinks.
I agree with everything you said except for the part when you denied that Wayne's World 2 was great.
"ah yes, gordon street..."
So there I am, in Sri Lanka, formerly Ceylon, at about 3 o'clock in the morning, looking for one thousand brown M&Ms to fill a brandy glass, or Ozzy wouldn't go on stage that night. So, Jeff Beck pops his head 'round the door, and mentions there's a little sweets shop on the edge of town. So - we go. And - it's closed. So there's me, and Keith Moon, and David Crosby, breaking into that little sweets shop, eh. Well, instead of a guard dog, they've got this bloody great big Bengal tiger. I managed to take out the tiger with a can of mace, but the shopowner and his son... that's a different story altogether. I had to beat them to death with their own shoes. Nasty business, really. But, sure enough, I got the M&Ms, and Ozzy went on stage and did a great show.