Generally labeled a "ripoff" of SNL at the time -- as if SNL wasn't reviving a format that had died in the '50s, aside from its time slot -- it's probably most notorious for an Andy Kaufman stunt. But some swear by it as sporadically inspired... Perrin has a piece with sketch footage:
I rarely watched it myself, but their Reagan satire had more bite than SNL, which of course lost the last of its original cast just as Fridays began.
― Literal Facepalms (Dr Morbius), Wednesday, 1 February 2012 16:45 (twelve years ago) link