My advice: get the DVD; you won't regret it.
No, Sam & Max wasn't E/I; it didn't really belong on Saturday morning at all, to be honest. That was a stupid move on FOX's part, and one of the things which led to its' premature demise. Sam & Max was originally a semi-underground cult comic, and it rightfully should've aired in prime-time where they could have gotten away with more, but I guess FOX execs saw the doggie and bunny characters and assumed it was a kids' show. (That, and the only animated prime-time shows that FOX cares about are shows about dysfunctional families, so the series was probably destined to receive shoddy treatment no matter where they put it on the schedule.)
As for whether it's too late to bother, well, unfortunately, the chances of the series being renewed or picked up anywhere seem bleak at this stage. (Sam & Max would be a great fit on [adult swim], IMO-here's hoping Steve Purcell takes the hint.) There are, however, some Sam & Max episodic games are being made right now; that's better than nothing. The hardest thing I had to adjust to in the games was hearing someone other than Harvey Atkin voicing Sam; the show wasn't on long, but in its' brief lifetime, Atkin was Sam to me. Whenever I read a Sam & Max comic, it was Atkin's voice I heard in my ear.
Sam & Max deserves some sort of award for creating an made-for-TV add-on character who actually wasn't intrusive or annoying (The Geek). Unlike most "this character was added for balance" characters, I actually liked The Geek. After reading the interview, I'm kind of sorry they never got to use Honey and Hack Hatchet on the show; they sounded like interesting characters.