I thought it was hilarious
Her character was very caricature - I remember her SNL appearance before (can't remember if there was more then one) and she was great on that as well which suggests she's a good comedienne (in skit comedy) or at least has good timing.
Plus, I think once you get used to the voice and get past the two 'duck lip' faces she does around the start, it gets better. Out of all the episodes of Will and Grace I've seen with celebrity features, that was one of the best along with Mat Damon.