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I pretty much gave up on it a few years ago. It's become a part of the establishment it used to deride. Satire has a future, but this particular format has run its course.
I don't think the format is tired - you might as well say the sitcom format is tired because certain current sitcoms aren't good. Formats are formats - they rely on how you use them. It's down to the writers and performers. This period ought to be perfect for a satirical news show - it's not as if there's nothing to satirise! I think the HIGNFY writers have become very weak, Hislop spends far too much time addressing the audience, and Merton - the biggest problem, in my view - has become stunningly lazy. That blank gaze he does is so tiresome, and his 'ad-libs' are often just soundbites from old shows like Not Only But Also. The show needs younger writers and it needs to upset people again.