It's a cute idea but what undermines it in execution is that all of the "outtakes" are named with the punchline of the gag within. For instance the "alternate take" which shows the backwards-speaking alien to actually be saying, "Peter Graves keeps slapping me in the back and pissing me off," is titled: "Pissing Me Off." The outtake where the actor says, "This is my last day on the set of this stupid-ass movie with that Norwegian pinhead," is titled: "My Last Day." When the punchline is revealed before the clip can even be viewed, it spoils the whole thing. A better idea would have been simply naming the outtakes: "Outtake #1," "Outtake #2," etc. and then letting the viewer discover the joke within on his or her own.
Note that while the back of the DVD says that the disc, "Includes the Film Crew's 'Did You Know...?' AND Outtakes!" both refer only to this ONE feature on the disc.
Overall the Film Crew's riffing of Killers From Space (the reason you're interested in this disc at all) is good but not great. Though there are certainly some hilarious moments to be enjoyed, the commentary as a whole is not as consistently funny as that on Hollywood After Dark. If you're only going to get one of the Film Crew's DVD releases so far, I'd stick with Hollywood After Dark, though if you're a big MST3K fan longing for more mocking from Nelson, Murphy and Corbett, you could do worse than pick up Killers From Space as well.