I am a huge fan of the show, having done it several times (most recently in Atlantic City), as Jinx.
I think that the songs are incredible and that is what hits people first, but it's the heart of the piece - when it is played honestly - that really makes the piece soar. The comedy of the piece really plays when the guys aren't aware that their 50's sensibilities are so foreign to modern audiences. I have seen a few productions that were very "wink wink, nudge nudge," the Plaids were too self aware that they very "playing nerdy" and the evening tanked.
Laughter is much more important than applause. Applause is almost a duty. Laughter is a reward.
Carol Channing