It's funny much in the way you might expect.
It's not a rehash of existing material, but random musings from the character.
The strength of the podcast is his assistant who is a hilarious straight 'man.'
She'll remind you of Sona from the Conan show, where she's the quiet insistent voice of reason that calls the lead on his bullshit and stupidity without being mean.

For instance, in the most recent episode, Ron starts waxing rhapsodic about the controversy of Guys in the Military. She lets him talk for a bit, then chimes in to politely mention he probably meant to talk about Gays in the Military, but even that hasn't been relevant for a decade, so maybe find another subject. :-)
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I think Will Ferrell comedy has ran it's course and then some. Holmes and Watson was the final nail in that coffin. Ron Burgandy really isn't funny anymore...they never should have done the 2nd Anchorman movie, it was fuckin' retarded for the most part, and it appears he's still trying to milk that cow. Gotta pay the bills in CA I guess...
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