We went to see Elf last night and I have to admit it was actually entertaining. I was a bit worried that all of the funny things would have been in the trailers, but in this case they werent. We were laughing the entire time. Definitely worth the $4/p we paid to get in.
On a side note, there are definitely some "throwback" elements of this movie. You could tell that they had in mind the campy shows (the claymation specials from years and years ago)