Ultimately, I think there was one great episode (Mac & Me) and five pretty good ones. That's not bad, I think there was only one great episode from Season 1 as well (Cry Wilderness). Something about children falling in with the supernatural, combined with inept filmmaking, always brings the lulz. The over-the-top product placement for McDonalds, Coke, and Skittles is just the icing on this turd.
Second best episode was The Day Time Ended, because that movie was just a cobbled together fever dream of wtf-ness. It was directed by John Cardos, who's had his oeuvre riffed on many times. He also directed Kingdom of Spiders (Rifftrax), Mutant (Rifftrax), and Outlaw of Gor (MST3K Season 5). This movie may be the most nutso of the lot.
Third best, probably Ator, the Fighting Eagle. I might have even rated it higher if I hadn't just seen it done a few months ago on Rifftrax. I love these corny sword and sorcery movies, and while this one doesn't quite have the gusto of a Deathstalker II, it makes up for it with the utter shamelessness of it's wholesale ripoff of the plot of Conan the Barbarian.
The bottom three movies were kind of eh whatever. Killer Fish is like the Ocean's Eleven of bad monster movies, but it was also just so dull. Atlantic Rim had some decent riffing, but it just feels like a wasted spot. These dime-a-dozen mockbusters don't scratch my bad movie itch. Lord of the Deep is an Abyss ripoff that just made my tired. At least it was shorter than The Abyss.