This--yes, it's quite hit and miss. As a Portlander, I'm of course a bit ambivalent overall, as some of the sketches yield pretty deeply humorous commentary, but others just present a stereotype and expect that to be the gag without developing the joke further.
^
I have quite a few friends who have tried to get me to watch the show, and I've tried an episode. Maybe that's too small a sample size, but I found it to be more worthy of smirks than belly laughs. I've heard that it's funniest to those who are actually from the Pacific NW, so YMMV.
I put this on to see with my girl, saying it was a recommendation. That's because i read about it here. Don't think i watched more than 10 minutes, we both thought it was unbelievably bad. I couldn't stop laughing the whole time, that's how bad it was.