The appropriate description of the speech is 'biting:'
Wow, wow, what an honor. The White House Correspondents’ Dinner. To just sit here, at the same table with my hero, George W. Bush, to be this close to the man. I feel like I’m dreaming. Somebody pinch me. You know what, I’m a pretty sound sleeper, that may not be enough. Somebody shoot me in the face.And that's just the intro...
In truth, I'm conflicted about this - as a card-carrying BDSer, I enjoy the eviscerative aspects of the bit: In comedy club, or on his show, I'd find it brilliant.
BUT, I'm old fashioned in some ways: respect the office if not the man, to a degree. I felt much the same when Cindy Sheehan got booted from the State of the Union Address: I could have cared less what her T-shirt said, it's the SOTU, have some class and dress appropriately. So for this reason, I'm a little discomforted by the 'in-your-face, Mr. President' aspect.
However, in the final calculus, the fact that Bush can't take a joke makes the joke all the more necessary.