I really like the show so far. They've done a great job of translating the DTL characters to TV, and created some good new ones too. I'm also impressed by how realistic and authentic it feels, it really could trick someone. Some of the jokes/characters and Bellamy's reactions have been hilarious. Its a more gentle satire I'd say than a series of sketches or jokes, which is perhaps what some were expecting. I also think its going to get better and better as the audience meets the characters and they don't have to spend time introducing them, but can hop between them. My 2 cents anyway!
If anyone is interested me and a few friends have made an audio comedy inspired by Down the Line, which has got good feedback from Paul Whitehouse and Rhys Thomas - see link below. Maybe you will like it if you liked DTL, and Bellamys People...
http://www.youtube.com/watch?v=o0Fj9ohrczM