Since the musical elements will be overseen by Brian May and Roger Taylor, I give it my initial seal of approval. The casting of Cohen seems appropriate. I don’t find his schtick terribly funny, probably due to already knowing what the joke is, yet they guy is a chameleon like Gary Oldman or Meryl Streep so he should be fine. The bigger gamble/fear is him following the same annoying career path as Robin Williams or Jim Carrey; trying to gain respectability by doing dramatic roles after years of fart and dick jokes.
The upside will be my nieces and nephews (including the non-biological ones) possibly getting familiar with other great Queen songs beyond “Bohemian Rhapsody” (the only real legacy of Wayne’s World) and “We Will Rock You/We Are the Champions,” courtesy of sporting events.