Improves on repeated watching.then eventually becomes a little mediocre again. When I first watched it I didn't find it particularly funny, but it didn't put me off rewatching it again, and each time I found the lines burrowing into my brain more - What is this, a school for ants?.Magnum! etc. It helps that most people my age know the film in this way too and so referencing it is a source of fun in itself.
Eventually though there isn't much more to be got out of rewatching it and it becomes less funny again. But the quotes live on amongst friends.
Continuity mistake: When Zoolander, Hansel and Matilda are drinking the tea near the end of the movie, the "steam" in Zoolander's cup keeps on changing to from overflowing the cup, to half way down and none. This is without ever refilling his cup. He can even be seen blowing some of the steam out and next thing it's full again. (00:58:00)