What makes the show funny for me is satire. Most of the episodes revolve around satirical takes on American life and culture. I can understand not liking it for all the lowbrow elements, but it's just not true that those low brow elements are all the show is about.
I'm cautiously optimistic about this game for a few reasons. Obsidian has had forever to work on it, and it sounds like the south park creators had a large influence on the production, and from what I've read it sounds like they're into RPGs and would probably defer to Obsidian on design decisions. Plus it seems like Ubisoft is intentionally trying to avoid discussing the gameplay in their marketing material, which is probaby because they don't expect a traditional RPG to sell well.
It's most of the show, I personally wouldn't watch a show like South Park for social satire, but to each their own. I see it as family guy without flashbacks, pop culture references with lowbrow humour where the creators occasionally use the show as a pulpit for their political beliefs. It's made me laugh and is pretty quotable, but I don't go out of my way to watch it.
All good points, despite not caring for South Park much I hope Obsidian at least delivers on the RPG aspect of the game. I don't expect it to be something amazing given the subject matter, but it could be fun..