I was there last night too, and I think I liked it even less than WAT. There were a few funny moments, but I rarely laughed out loud like the two guys "busting a gut" next to me.
I will give it to Will that he was totally professional, had all his lines down, etc. I guess I just don't find his brand of humor funny. The "faggy theater district" line at the beginning had me wondering what I was in for the rest of the evening. (There's a Tom Wopat in Annie Get Your Gun joke too!)
I agree with WAT that the secret service dancing needs to go, and there is room for some of the jokes to be cut, especially in the second half which began to feel long.
If you're a fan of Ferrell and his humor you won't be disappointed, but otherwise it just wasn't that good.
Marie: Don't be in such a hurry about that pretty little chippy in Frisco.
Tony: Eh, she's a no chip!