The movie is derived from an American comedy television series in the 60s that satirized the secret agent genre.
Anne Hathway(devils prada fame) has traversed well to this role of a field intelligence agent 99 in this movie. Steve Carell plays Max(of 40 yr old virgin fame) as an intelligence analyst turned field operative agent 86, brings his wooden acting skills and is a perfect combination for her. She looks very pretty in this movie too.
Quite a bit of the humour is subtle, except the last scene where Max shows his posterior, and you neither laugh too hard nor for a long time either.
The film definitely takes a sarcastic dig at the Yellowcake uranium(remember the discredited facts about the Niger yellowcake which was supposed to be used by Saddam) along with the president James Caan(mocking George Bush) reading a book with the kids(when the 911 attacks happened) which was tasteless.
The story is like this. Siegfried of KAOS is snapping up nuclear materials with an aim to blackmail the United States for a an eye popping money of$200-billion. He is assisted in his evil designs by a bunch of yes boss type folks. One is Dalip, played by Indian wrestler Dalip Singh(he reminds of the the Moonraker and the spy who loved me James Bond films, the tall 7 feet 2 guy with the jaws of steel) but this one does not bite. In a particular sequence when Max and 99 are about to be killed by Dalip, Max somehow concots a story about his sister, and he lets them go which was outrageous.
Together, Max and 99 play follow-the-uranium in a bid to stop Siegfrieds plan.