It's sad. I've never been his biggest fan but certainly would acknowledge his quality of songs over a long period.
I feel a bit the same about my all time favourite band - Van Halen. They should've stopped long ago IMHO.
Anyhow , speaking of Meatloaf's "legacy" and becoming a running joke it's pretty clear this isn't early in the piece in that regard. He's just warming up.........
http://www.youtube.com/watch?v=ItYAZLHrN9M