The skits were filmed AGES ago, but most are pretty fresh. It's gotten edgier as it's gone along. I still think the Rosie O'Donnell bits are completely counter-productive and unfunny. The best was their Amazing Race send-up, which casually outed Hugh Jackman, Tyler Perry, Queen Latifah and several others...but in a funny way.
I think this season of The Big Gay Sketch Show is pretty damn funny, definitely competitive with industry standard SNL. (Actually, I laughed a lot more at the former than I ever do at the latter.)