I'm just here to see all the Eurovision loons pretend they're not totally here for this.
Every Eurovision fan i've come across has minus expectations for this, are open to being pleasantly surprised but don't think that will be the case.
The issue with parodying Eurovision is that anything that is too self-aware and self-conscious is totally outside the spirit of the contest. It's the difference between "Flying The Flag For You" and "Dancing Lasha Tumbai" - one was desperately trying to be a Eurovision song, the other just IS a Eurovision song. My feeling is that anything that tries too hard to BE Eurovision falls flat.
There is a couple of ways in which I think this could get the fans on board though... taking lessons from the eternal "Love Love Peace Peace", genuinely one of the few successful examples of Eurovision parody. If the movie:
1. comes from a loving rather than a derisory place
AND
2. Is packed with in-jokes and fanwank
... then the fans will probably really enjoy it.