Let's start with the positive: the Frozen segment isn't comedy gold--it's comedy platinum. Inspired parody, and the girls nail it. Talking Magneto v. Capt Jack/the two Kirks v. Khan level. That good.
The Donald Sterling jokes start off strong too, but he comes out one time too many toward the end. A Game of Thrones segment gave me a chuckle-but then they brought it back too. If Maleficient joke wasn't so obviously telegraphed, might have worked better.
Unfortunately, not much else hit for me. A lot of "here's something from pop culture--laugh!", with no ironic twist, which is the heart of parody. A Breaking Bad segment seems to exist for no reason other than to feature a couple toys some fangirl surely made as a gift.
The focus on the Magic Bands illustrates this best. While plot is never a B&T strong-point, this felt particularly out of place. A "cheap pop," to quote Mick Foley, for a show playing to a theme park audience. Along those lines--HEAVY SPOILER HERE--reusing the same James Cameron gag as last year--word for word--just seemed incredibly lazy. Talking to a friend who knows the writer, he plans to use that gag every year until Avatar Land actually opens. Which is funny to the 2% of the world in online theme park communities, but way too "inside baseball" for a mainstream show.
Subject matter is really odd as well. The US soccer team goalie gets a solid 30 seconds, but no ice bucket challenge. No Pharrel and his hat. None of the characters from Sleepy Hollow, just a throw-away reference. No mocking of a flop like A Million Ways to Die in the West. Obviously they can't include everything, but the choices just seemed off to me.
BTW, while the cast clearly put their heart into it, unfortunately no one but Iggy Azalea even remotely resembles the person they're playing. No Taylor Swift or George Lucas-like clones this year. "Ice Cube" is just a skinny guy who happens to be black in a t-shirt that says "Ice Cube" (he actually would make a better Pharrel, see above). The man playing Justin Beiber is less convincing than the woman who played him last year. StarLord is just some random guy.
Opening and closing dance numbers just weren't on the level of last year. Wondering if they didn't hire professional dancers again? Choreography not nearly as advanced. Nor was the costuming in the open number as inspired. And--minor point here but still--why use GnR as your finale when KISS finally made it into the Rock & Roll Hall of Fame this year? Especially when you've cast a male model Axl and a white Slash?
B&T generally improves during its run every year, and I've seen shows about as weak as this--cough, 2010, cough--find their groove, change out a few jokes, and become solid. But as of right now, I'd rank this as the worst since B&T met Hellboy.