I really didn't find it all that funny and frankly, I wish they had cut the opening numbers (although the actors were great), the salute to Chicago, the long montage to Bond music, and Streisand (ugh). That would've shaved about an hour off of an already too long show.
I did not understand the salute to Chicago at all. Having it win best picture isn't a bigger deal than something like The Artist winning best picture last year. In fact, all the musical numbers should have been either significantly shorter or just not done at all. You want to perform the best songs, fine. This is an awards show, not the Grammy's, which while that is an awards show, the awards play second fiddle to the performances.