For a 'live' episode, I think it was pulled off fairly well. Loved the jabs at American Dad and Amazing Race in the opening, even if I no longer watch the latter. I think I found the concept of them attempt to do 'live' cutaways was funnier than the cutaways themselves, but it still made them enjoyable regardless.
The funniest part, though, had to be Roberta drinking and complaining about her B-plot getting cut. Most likely a reaction to viewers complaining how Seth's girls always get the short share of plots (Roberta along with Meg and Hayley).
Good stuff.