The problem with Ferrell is that he's just gone to the well with the exact same character too many times.
They are both there, you totally see Craig and the camera man's reflection in Ferrell's sunglasses at the 1 minute mark.
I don't watch Ferrell-type comedies anymore, but it will always be hard for me to criticize him. I think he, Kattan, Shannon and O'Teri kind of helped "save" SNL in '95; after that awful season with Michael McKean, Janeane Garofalo and Chris Elliot. I thought his wooden facial expression when he was singing the song were funny. And could I see myself singing that song in my head over and over ("circlin' and circlin'"). Some of the other stuff that you can link to afterwards, like "Green Team," is pretty funny.
This reminded me of that Superhero SNL digital short Samberg did. The one where he sings this whole song about the city being in trouble and needing a hero and then he puts on a costume and steps in to stop a mugging only to get his ass beat by the mugger. <object type="application/x-shockwave-flash" data="http://widgets.nbc.com/o/4727a250e66f9723/49b2c9619b0c10ae/4741e3c5156499a7/be7025da/-cpid/e369c2bd2fba710" id="W4727a250e66f972349b2c9619b0c10ae" width="384" height="283"><param name="movie" value="http://widgets.nbc.com/o/4727a250e66f9723/49b2c9619b0c10ae/4741e3c5156499a7/be7025da/-cpid/e369c2bd2fba710" /><param name="wmode" value="transparent" /><param name="allowNetworking" value="all" /><param name="allowScriptAccess" value="always" /></object> I find them both funny.