Although I think Roadwarrior is the better film...over all...out of the three (and Thunderdome had something good going until he runs into the kids), the original is most definitely not awful.
I remember seeing this scene on the TV as just a youngun. I remember seeing it and going, Holy crap that is the coolest revenge ever. I think it colored a lot of my relationships with ankles, hacksaws, and burning cars.