I know its going against the zeitgeist a little but I've been a bit disappointed with this. I thought the first one was excellent and I laughed a lot, last nights was ok but a bit low on laughs and the second was poor. The phlegmatic delivery works well when he is building to a crescendo of bile but generally I just find it ponderous, most of the time the pay off does not justify the build up. For instance his overlong deconstruction of a scene in Only Fools and Horses seemed a bit pointless because although it may be a bit over hyped these days it is actually funny, I know finding this probably marks me down as a small minded simpleton in the view of the informed audience (and I'm not sure he is being at all ironic when he butters up the audience with complements of how clever, well read they are etc) but I think most people will have laughed when they first saw it. Besides its probably over 20 years old, shouldn't someone as avant garde as Stewart Lee be directing his ire at something a bit more cutting edge than sitcom from a generation ago?
I don't think this is a case of me not 'getting it', I just think his targets are bit misplaced and the jokes just need to be funnier or more frequent to make it work.