One of the joys of being a university student is getting invited to free sneak previews. I went to one last night, where the front half of the theater was packed with students while the back was filled with members of the writing team, taking careful notes on which jokes we did and did not laugh at. For the most part, the reaction was positive, and the jokes that failed miserably will probably get edited out by the time the movie officially opens.
The movie was pretty sports-comedy formulaic, with the down-and-out lovable losers getting a big chance, then introducing a new character who will inspire them, and a few montages later, the big finale. The R-rating was used mainly on adding in lots of cuss-words, with mixed humorous results. There was a really funny joke about masturbation. I was hoping for a little more basketball craziness, but oh well.
The highlight, of course, was Will Ferrel meeting the 70s. I myself was not alive in the 70s, so I only know about the culture through the disco-funk lens of caricature cinema. Ferrel is one funky mofo so he thrives. I would say this was one of his better efforts, topping Taladega nights, Elf, and the ice skating one. It's not as good as Anchorman, mainly because it's just not as quotable.
In short, if you like Will Ferrel, or 70s funk (the soundtrack is hella dope), see this movie.