It's ok. It used to be much better when I was in college. Most of the stuff is washed up or overused to me now or just flat our vulgar. They have some really great stuff during elections, which is the only time I tune in on a regular basis.
Like all things comedy it is hit and miss. The celebrity skits are often vulgar but I generally find that funnier. Its fun to browse thru the videos when I am bored and need a good laugh, I'm always bound to find something to get me there.
Its a great place to watch funny videos that have celebrities in them but they can be hit and miss. I wouldn't suggest its a site you spend hours on but if you like watching funny short videos with celebrities its a good place.
I love the celebrity skits on Funny or Die! Some of the humor is more of a stupid humor, but nonetheless, they produce high quality videos that are worth the watch, and you are more than likely to find several that will make you laugh. Or at least chortle.