This movie is exactly what it looks like: a live-action version of the comedic style Seth MacFarlane established in Family Guy. It even has the non sequitur referential cutaways that Family Guy is best known for, like flashbacks that mimic the dance scene from Airplane and a nice homage to the 1980 film adaptation of Flash Gordon.
The premise is a brilliant idea for a comedy: It's all fine and good for a boy to bring his teddy bear to life with a Christmas wish, but what happens 20 years later when he's a full-grown man who's buddies for life with a wise-cracking, pot-smoking teddy bear?
The real question was: Could MacFarlane's style work in a live action film or did it depend on the stripped-down surrealism of animation? Well, for my money, I'd say it worked. Ted is full of laugh out loud lines and moments and the cast does a great job of selling it. I would say that if you're a fan of Family Guy then you should like Ted, but if you aren't then this movie probably won't appeal to you either.