This is a great series that is both funny, witty, and very well produced. None of the jokes are "Ph.D. level history," but at the same time you can tell that these guys actually have researched their subjects or at least know what they're talking about. They do a really nice job of making jokes that are actually funny without offending just for the sake of offending, and more often than not both sides get at least a few good lines. They also often do a pretty good job of finding clever match-ups, e.g. Christopher Columbus vs. Captain Kirk or Napoleon Bonaparte vs. Napoleon Dynamite. Both of the main stars are talented, but Nice Peter really stands out for disappearing into his role (for example, his Mr. Rogers is outstanding). The series has also had several guest stars who have often done a good job, although a few have been pretty disappointing.
Imho, the series has gone downhill a little, and some of the match-ups are a little groan-worth/clichéd, but the new episodes are still pretty good. While it isn't perfect, I still like this series enough to say that it may very well be the single best Youtube creation.