The Late Show would have to be the best Aussie sketch comedy show yet. Its cast was experienced, and each had memorable individual qualities: Tommy G was the quintessential straight man; Rob specialised in absurdly pompous characters and brilliant impersonations (the Desmond Tutu interview has to be one of the funniest things I've ever seen on TV); Mick was shouty and puerile; Judith sarcastic; Santo warm and enthusiastic; Jason said "Let's run over Todd from Neighbours!"; Jane played a wide range of characters, and, last but not least, Tony Martin showed total control of writing and performing.
The best aspects of the show were its accurate observation of Australian life - most of the show was filmed in overcast Melbourne - and the real sense that all the performers were really having a good time. It brought a party atmosphere to many people too young or geeky to go out on Saturday nights.
A review can't sum such a varied show up. Watch the videos if you haven't; if you have, watch them again. (Note that the compilation videos miss out on some cool sketches like the stalking of Ken James, and have a crappy version of the theme music.)