You are not missing much. It is amusing, but it's popularity is quite baffling.
I certainly wouldn't put it on to watch alone. But in that setting? It's fun.
I've certainly seen it at least as many times sober as I have seen it drunk. First as a kid of course, but also now that I'm older (even though we have no kids and no other requirement not to drink). I have to admit it's funnier while enjoying a nice drink, though ;-)