'70s' was a pretty good comedy taking place in the 70s, '80s show' looked like it just pointed out all of the 80s themes/cliches.
Agree.
It had its moments, but I watched only a few episodes, didn't seem to gain momentum.
About the only thing I recall is characters doing "Dynasty" shots. That was pretty spot-on as an '80s-type drinking game.
Another thing that probably didn't work in its favor -- '80s might have been too recent to build on any nostalgia. (roughly 12 years since end of decade, vs. '70s Show had two-decades-past setting).
EDIT: '80s show set in '84, so it was about the same ... just seemed like it wasn't as "nostaglic")