If you went into the episode expecting Matt and Trey to comment on the election and for scathing, irreverent, borderline-offensive jokes at the candidates' expenses, then of course you were disappointed. Perhaps rightfully so. But if you went into watching the episode with an open mind and no expectations/prejudices, you got a solid, quality episode.
No. It wasn't funny--In any sense of the word. It was crap.
The fact that they copped out just makes it worse. Even if I didn't have any expectations, it's still be the same shitty episode based on the same shitty George Clooney movie. This wasn't satire.