It's more of an archive than a satrical wiki, and most of the articles are designed to extract more salt from the people being written about. Although the site is plagued with cancerous, sadomasochistic articles such as [you](only exists as history at this point) and people who wank to how thick their skin is, most new articles have a fresher perspective, and the modern guidelines state that memespouting like in some of the older articles can get your article nominated for deletion.
It's still the headquarters of trolling through sheer volume, since it's where the smaller milking communities such as lolcow.farm (A harvesting site consisting of only females, everything exists now!) go to publish their articles for some glory. And as far as drama cataloging go nothing can really upset it's hegemony, since things like failblog and r/cringe were immediately dated and offer very limited publication options.
As far as funny goes, don't expect 100% of the content to blow you away, it's not meant to be that way. You're supposed to skim through the articles, taking most of the details with a grain of salting and chuckling at the really big mess ups of the people in the articles. Most lolcows only have a few big hilarious acts of public self detriment, the rest of the articles serve to romanticize and make room for extra salt mining.
@painintheassinternet
Chris Chan is widely considered to be the god of lolcows. He's provided consistent entertainment for many years and the fact that such speculation often is fruitful is testament to how great of a character he is.
In fact, an entire wiki is dedicated to the mans screw ups since the ED article could not contain it all.
http://sonichu.com/cwcki/Chris_and_writing