As usual with MAD, yes even in its better days, the funniest bits are the background gags: the Comedian's mug (which retro_noveau already pointed out), the two Manhattans playing ping-pong, and the sign inside the intrinsic field subtractor. Though not quite a "background" gag, I also liked Veidt's tv screens replaced with mirrors.
Other than that...well, I've learned not to expect much from post-seventies MAD writing, and you know what they say: if you keep your expectations low, you're never disappointed. But yeah, that art is ugly even by caricature standards. If only there were a way to make Mort Drucker young again; now he could caricature actors like no one else.