I like the album. While I can certainly understand people not liking it, especially if you have no interest in Metallica, the notion that this is some complete heap of trash (e.g., Pitchfork's 1.0/10, among many other extreme pans) is absurd. It's a one-off experiment, and within that context, it's an intriguing effort. If one is predisposed to loathe the album, it certainly provides an easy target for ridicule.
Stuff like this from Klosterman: "If the Red Hot Chili Peppers acoustically covered the 12 worst Primus songs for Starbucks, it would still be (slightly) better than this."
What a clown. Hilarious stuff, Charles! You nailed it again!
Within some metal circles, the same people who find this repellent are giving fairly high marks to the new Megadeth album, which is mostly a respectable, workmanlike effort, but considerably less interesting than the Loutallica oddity. As for Lou Reed's yell-singing, it's not like David Mustaine is unleashing his luscious liquid gold pipes.
As for the Wesley Willis connection, I'm pretty sure I heard Lou bark, "Timex! Takes a licking and keeps on ticking" and something about drinking milkshakes with Liz Phair during "Pumping Blood."