I just saw it and I was a bit let down. I am gay, I love Cohen, and was ready to laugh. But the problem was he didn't expose any under-the-surface bigotry like he did in Borat. He overdid his "gayness" to such a violent extreme that he forced reactions out of people, some of whom are probably plenty openminded. You ended feeling sorry for these people.
Especially Ron Paul, who out of all the politicians Cohen could have chosen, deserved it the least. He's no champion of gay rights, but he is certainly not an enemy either and he reacted like any normal person would in that nightmarish situation. There were also some genuine bigots in the film, but Cohen goes to such an extreme to provoke them, by the time it gets to that point, who cares?
There were funny moments, of course, Cohen is a funny man, but this movie lacks the bite Borat had. This was just an exercise in bad taste (which is fine, if that's what you're looking for).
