The character is both sick and repellant. They seem to have a very close, and funny, relationship. It turns out Mini-Me also likes to eat people, but at least he only takes small bites. The plot has Dr. Evil returning from space to appear as a surprise guest on the Jerry Springer show, where alert Pentagon officials note his re-emergence. After this is done, Powers loses his confidence and is unable to, er, perform up to expectations.
Powers also uses a time machine return to the time of the theft and trace the missing mojo.
This leads to the paradox of duplication, causing more than one Austin Powers to be at the same time and place. While Heather Graham is great-looking, her character isn't very interesting. Meyers does a good job with his multiple roles, but it seemed to me the funniest scenes involved Dr. Evil and Mini-Me. Verne Troyer is like a rat terrier, tiny but mean and relentless. As you can probably tell, the bathroom humor was a turn-off for me.