The Quest for the Holy Grail - a classic movie of epic proportions. Even though I've been able to quote virtually the whole movie from memory for years, I still watch it all the time, and each time, it cracks me up (the Political Peasants scene got me through some pretty bleak times back at university). This, unfortunately, can't be said about this game.
In an attempt to recreate the movie, some scenes will seem vaguely familiar. You'll meet the three-headed knight, the Knights Who Say 'Ni' (just that they say something different here), come across Camelot and (hopefully) find the Grail in the end.
The main difference is that the game isn't fucking funny! Which is the worst thing which can happen in such a Python related game. It has to be the most 'empty' game ever made - 99% of the game's screens are completely useless. Nothing can be found there, nothing ever happens there. They just take up time and make moving confusing.
Which, on the other hand, seems to be required, because gameplay-wise, there are something like five puzzles in the whole game. Those wouldn't last long enough. Even though the parser sucks pretty badly, making you guess the 'correct' combination of words and items are hidden in a completely non-visible manner at times.
To destroy your last hopes, don't count on the graphics to improve anything. The images accompanying some screens look really cheap and they scroll away once you enter any command (usually, in text adventures with graphics, the part of the screen showing the images isn't affected by scrolling - which makes sense).
Quite frankly, even writing all this isn't really fun. This game is just annoying. It's not "so bad it's good". Get it for your Python collection, but just put it somewhere safe - don't even think about playing!