It was just heaps of silly fun.
I thought they had a really good mix of Monty Python material, for the fans, and original stuff to keep it interesting.
And the original material was excellent, with some wonderful new songs to compliment the re-imagined Monty Python standards.
I have to say that a lot of it wasn't really what I would call Pythonesque, and really did belong more to the Broadway (or maybe even Vaudeville) tradition, but I thought that actually made for a pretty good amalgam.
So, yeah, it wasn't like watching Monty Python, but rather it was a tribute show.
A show made by fans of Monty Python, but creative fans doing wonderful new things with the material.