All the people I know who love watching Aussie comedy on TV agree there are only two things worth watching at the moment - Chris Lilley's 'We Can Be Heroes' and this sketch show, which is frankly even funnier than 'Heroes'.
This show has lasted long enough on air (now in its 3rd series) to finally become a fantastic show. Comedy fans seem to agree series 1 was one of the absolute worst things ever on Aussie comedy television. Series 2 was a lot better but still patchy, which is pretty surprising given it was only about 10 episodes long.
Finally, they've got it right in this series. Everything about it has improved, the acting and the production quality, but most importantly the writing. It's just so consistently well written and clever I sometimes can't believe it, especially when the series is so long. I loved 'Fast Forward' and some of the other commercial station comedy shows, but even though some of them had great casts and stars like Shaun Micallef ('Full Frontal' for example), none of them had writing as good as this. My favourite would have to be 'Ernest the Engine Car', which is one of the most scandalously funny things I've ever seen on any TV show, but there's plenty of other great stuff besides.
Hope there's a DVD of this series soon, can't wait for it.