Well, my first taste of Ralph Bakshi wasn't too good, though it had its interesting moments. But in truth, this wasn't Bakshi's original script for this movie; supposedly, his producer took his original script that had a subtext of a warning about casual sex and got it rewritten into the mess of a plot in the movie today.
Some of the plusses about Cool World include the smooth animation quality and an interesting soundtrack. I'm not a big fan of rotoscoping in animation, but it's not like I really consider it cheating and Bakshi seems to make good use of it here. The one-off gags that go on constantly in the background in cool world also provide entertainment.