Although the movie is above average, it does have its problems. These are related to character. A landmark "mocumentary," Spinal Tap preys upon the stereotype that rock musicians are likable, but stupid as cows.
This is hammered home in the infamous scene that has the guitarist bragging about an amplifier with knobs that reach 11 rather than the usual 10. He's so stupid that even when you explain things to him slowly, all he can do is repeat himself.
Any group whose members are that stupid would not be funny. They'd be boring, and they would perform boring songs.
If you look fast, there are many recognizable faces. Ed Begley Jr from "St. Elsewhere" is an ill-fated drummer, the always annoying Fran Drescher of "The Nanny" fame is a studio rep, Paul Shaffer of "Letterman" repute, Anjelica Huston, Howard "WKRP" Hesseman, Billy Crystal, and of course Rob Reiner.
Reiner, the film's director, plays a director making a documentary on the 'legendary' band, which did not exist prior to the film, but certainly has existed (off and on) ever since. This was the movie Reiner directed, and he had further great commercial success later that decade (Stand by Me, When Harry Met Sally, The Princess Bride).