Vicious: Oh My Dear, My Old Dears

Obviously it would be wrong and unfair to judge this series on a thirty second clip but this doesn't bode well, does it?
Is it the creaking "gags", the luvvies shouting like they're in rep, or maybe it's just the audience - presumably real - howling and clapping like drunken chimpanzees?
If gay men are well-known for their wit, then why do so many gay comedies turn out to be shit?