ehhhh ... it was ok. Def not as good as the Hangover, and I liked Ted better as far as summer comedies.
...maybe I liked it so much because it is an election year and the political satire was nearly like real life. I guess Hangover appeals to the masses more and Ted was just OK because I was expecting a lot more from Seth MacFarlane.
I think a little of both Ferrell goes ALONG way, which is why I love him in movies where he is either playing a supporting role or as part of a bigger group. My two favorite movies he's been in are Old School and Wedding Crashers.
Either that, or you're past the fringes of the "average" person in this country, and you think for yourself without being told what is supposed to be funny.