I thought it was excellent and the earlier stuff was far funnier than the later stuff, when they were 'allowed to be rude' it just wasn't as funny.
I have a 9yr old and a 5yr old. There were moments when I had to, as parent, say "okay, laugh, it was rude but repeat and there will be trouble!" but nothing that I thought was so far over the line that I'd complain.
The 'stories' were distressing, especially to my 9 yr old, but again, as parent, I warned him he might find them upsetting, that if he was to watch comic relief he had to watch ALL of it, not just the funny bits in the hope he wouldn't want to watch it and I could watch something else (I also raised £150 from a few easy fundraising stints I did - I just don't like watching it, not the harrowing stuff, the so-called funnies - I do not apologise for that at all) but at very least my 'watch it all or not at all rule' would drive home WHY he'd been to school in his PJ's and paid £1.
The cyber bullying story in particular struck a chord with my eldest as he's experienced bullying. Yes he sobbed his heart out, yes it was very distressing, but it instigated a long conversation between us about how he must always talk these things through with someone, never suffer alone, and that it we can deal with it. So actually, even that was great on a personal level. As parent, I comforted my child. (My youngest wasn't in the least bit interested with any of it and was sat playing lego... )
I didn't like someone of the words used pre-watershed, but they certainly weren't so rude that it would have upset me.