Very hit or miss with a usually at least 1 or 2 genuinely funny sketches each week and then a bunch of really unfunny stuff. And highly dependent on the host.
That was true in the 80s, 90s, and 00s as well. But confirmation bias and nostalgia make us believe every single sketch 25 years ago was a Will Ferrel banger.
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And it hasn't seemed relevant to me in a decade at least.