Well, I got my Leisure Suit on today. I played for about an hour, and so far, it doesn't seem as bad as advertised, but it's not as good as Magna Cum Laude either.
What I like: GREAT cast. Starting with the ladies: Carmen Electra, Shannon Elizabeth, and Nikki Cox (and Jane Lynch..but meh). Then we've got Jay Mohr, Dave Attell, Tom Arnold, Artie Lange, Jeffrey Tambor, and Peter Graves. Best of all, the story is written by Allen Covert.
What I don't like: In an hour of gameplay, I found not nearly as much to interact with as in the last game. There's a perfectly good laptop next to Larry's bed that provides no funny moments, and a TV playing scrambled porn that evokes no witty remarks from Larry. In Magna Cum Laude, you could even interact with things like the radio, telephone, etc. in Larry's dorm.
My only other minor complaint thus far is that the controls feel loose. Nowhere near broken, but loose. Steering the vehicles is usually a swerve fest, and using the right stick to rotate the camera usually results in a mildly dizzying whipping sensation. In my opinion, the humor makes up for it though. You just don't get this kind of subject matter in any other game. It's great for a laugh, especially for anyone who enjoys comedies of the Sandler/Apatow persuasion.