Eric Idle's Spamalot, which opened in Chicago in 2004 is centered around Monty Python & The Holy Grail, co-written with Monty Python song-writing stalwart, John Du Prez. However, it goes further than The Holy Grail, integrating diverse Monty Python elements such as The Fish-slapping Dance into the narrative.
Though some serious Monty Python critics (and indeed, some members of the troupe) grumbled about Spamalot missing the spirit of Python, the musical has been extremely well received and won 3 Tony Awards, including Best Musical for 2004-2005.
Eric idle speaking on
the development of Spamalot
With Las Vegas production has booked to run for 7 years and further productions opening around the world, Idle's Spamalot may, in time, become even more well remembered than The Holy Grail, whose threadbare production values can sometimes hinder enjoyment for modern audiences.
I won't go into a discussion on Spamalot's virtues (or lack of), simply because I haven't seen it yet. However, the wikipedia link below provides a very good intro to Idle's musical. In particular, you may find what other members of Monty Python have said about it.
Spamalot soundtrack
"...I don't care who or how old you are: if you don't laught at Spamalot you are probably dead. Not only is it funny, but the CD quality is excellent, the music is superb and the various singers' presentations are right on the mark.
I personally recommend You Can't Make It On Broadway If You Haven't Any Jews! This particular patter song (in the time-honored tradition of Gilbert & Sullivan) is wildly funny, beautifully orchestrated and every word is crystal clear..."Amazon reviewer D. Becker