As someone that's never really watched Fallon, I'd say that the ride is a mixed bag for me. Didn't laugh once during it, so in terms of humor I found it to be pretty underwhelming. Nowhere near as painfully unfunny as Sindbad, but less funny than Horror Make-Up, Simpsons, DMMM, and even Shrek. As far as a simulator ride, it's definitely the smoothest Universal has ever done - so that's a plus. It's a moderately thrilling experience, but the storyline doesn't really leave you particularly engaged with what's going on.
The main thing I like about the ride besides the lobby/waiting room is that it really brings a lot of energy back to the New York area overall (what with it being a ride that's actually set in New York) and its exterior looks great, especially at night.
Altogether, I give the attraction a 6/10 rating. Bleh simulator, but all the other aspects of it save the experience from being a complete dud, and it's definitely preferable to still having Twister around.