IOW, the (re)viewers were (re)tarded: that was the punchline. Funny or not, he was trying to say that it's all true.
I think he showed some class last night. And some of his jokes were funny. Very happy that Broken Cowboy did not win last night.
I believe there is a case for that opinion being spot on.
I don't think it went over well with the attending audience. It's probably about as close as we're going to get to an emcee that actually gets it and tells it like it is.
Basicly, he did.
That was definitely one of his best lines.