It's mostly a stinky clip show, but in between clips they've got the real live Seth MacFarlane giving everything a little extra comedic punch. Hmm... yeah, I don't really think he's as funny as he thinks he is. There's lots of acting like a Family Guy character, which is sort of okay when they're cartoons but that doesn't work quite as well in real life.
My overall opinion: terrible. Not so much a big fan of Seth's anymore, despite the fact that he also created the constantly-awesome American Dad.