'twas somewhat amusing
There were a few jokes that were worth a good laugh, such as the Bioware skit, "OMG NOOOOO!", and that Shadow & Chao animation in the credits is cute as hell.
I guess one of the main problems is that some of the jokes can be used with any character or series really. Examples include the Jaws spoof, the Sobe commercial and the toll gate, the two formers being already overused. Those skits would be just as amusing with Mario, Solid Snake, Master Chief, or maybe even good ol' Homer Simpson in place of Sonic.
Then of course, the pointless ones; "Keep throwing me!", "The Emo", and "Sonic I'm pregnant!" Seriously, what the hell?
The ones based on gameplay elements were pretty decent though; Dash panel, Knux breaking the Master Emerald, and Tails drowning. Creative and funny, that lot.
Basically, it's an amusing compilation, but the jokes can be found elsewhere easily enough. Plus, it's not anything to cry over if you haven't seen it.
One last thing: That Tails doll is just plain creepy.