Probably my second favourite Will Ferrell movie after "Stranger Than Fiction". This movie actually feels like it has some heart behind it. The jokes are still classic Ferrell, but instead of running through the motions like in, say, "Land Of The Lost", he seems to be creating them as he goes (which makes sense considering it's his first movie after quitting SNL). The character of Ron Burgundy is also decidedly superior to Ferrell's other characters, and the backing cast here is above-average for this kind of movie as well (especially in the hilarious battle royale scene which includes a ton of awesome cameos). The movie doesn't do much in the way of story, but it does have a neat setting and theme that feel relatively original. So basically, it's an above-average Will Ferrell movie, which means it's just a "good" movie in my book.
In a sentence:
Will Ferrell plays an interesting character in an interesting setting with some above-average actors alongside him, and a higher than usual good-joke-to-bad-joke ratio. So it's an above-average Ferrell comedy.