Many of the sketches are still funny and worth watching. There are the odd moments that are cringe worthy, but they were cutting edge at the time. A lot of the humour was "of its day" and should be viewed that way..
The ex-Python crowd are a little unfunny now. I think for years after Python they had a certain legacy to try and live up to and in many ways failed to do so.
John Cleese had his finest moment in Faulty Towers. Michael Pallin floundered (IMO) after the film Brazil. Eric Idle aside from the odd bit-part has had no great impact upon film or TV, the film Baron Munchausen (sure I spelt that wrong!) was pretty cool visually and Idle played a decent role.
Terry Gilliam however has always been an immense visionary. Respect! From his cartoons to his excellent film direction. Brazil & Twelve Monkeys being my faves.
The other guy, whose name has slipped out of my mind at present is probably makes an entertaining after dinner speaker.
The problem with Python in the UK (at least I think it became a problem) was the adopting of the show by most students through the 70s/80s as their cult club! Endless recitals of classic sketches to the point of utter boredom. The Python crew being shouted at as they walked through Tescos by a spotty teenager who was attempting a funny walk.... etc. You could argue they had bought this upon themselves or it was a form of respect, but in my books, it became bloody irritating and completely destroyed its appeal to me.
I think today, at least within the youth crowd, Monty Python is a surreal show that appeals to the older generation. I would think that newer shows like The Fast Show, The Office, The League Of Gentlemen, Pheonix Nights, etc ... have now taken its place.