Play it if: you're in the mood for some distraction and a bit of light humor that plays off some lovely caricatures of communism and capitalism.
Don't play it if: you're in the mood for intellectual challenge or satire that's actually razor-sharp instead of soft, warm, and fluffy.
The People's Glorious Revolutionary Text Adventure Game can only be encapsulated in the word "charming". The whole game is filled with a kind of whimsy you can find in the old Monkey Island puzzle-solving games: some light satire, a bit of caricature, and a young, plucky would-be hero.
There are really three levels to the humor here. The first is the caricatured viewpoint of the main character (appropriately named Karl). It's great fun to read the verbose and melodramatic descriptions given to vile dens of capitalism (e.g. a coffee joint) and glorious artifacts of the Revolution (e.g. your hat). The second is the ridiculously simplistic tools and methods you're expected to use to overcome capitalism - among them the Ventriloquator, a device which forces its target to spout Marxist slogans. The third level is the fact that the world actually bears out the logic of these methods. The capitalist world is just as surreal as Karl's mind, from the government bureaucrat's behavior to the bizarrely simple steps which will supposedly collapse the government and implode the economy to achieve Revolution.
The only real complaint I have about the game is its lack of ambition. For all its charm, the game feels a bit too short, and one gets the feeling that The People's Glorious Revolutionary Text Adventure Game could have taken its cues from the previously-mentioned LucasArts puzzle-solving games to expand the setting and the story a little.
Still, The People's Glorious Revolutionary Text Adventure Game (boy, am I getting tired of typing that out) is a solid game with no discernible gameplay hitches. This would make a good easy distraction and an excellent beginner's introduction to interactive fiction.
P.S. Oh, and the soundtrack on the author's website is brill. Good touch, Taylor!