I watched the DVD release of the surviving material from "At last the 1948 show" and enjoyed it very much.
The show is a funny humor show, more "classic" in its form than Monty Python and The Goodies. Ami MacDonald is a self-centered hostess pushing herself at any possible moment, while Cleese, Chapman, Brooke-Taylor and Feldman do sketches in-between.
MacDonald is really the most daring part. Otherwise, much is classic punchline-driven sketches. However, beyond the punchlines and laughter tracks, you can feel the humor of what was to come. There are sketches very much in Monty Python-style (for example, "Let's speak English"), as well as Goodies style "Chartered accountant dance"). The show is most famous for including the original "Four Yourshiremen", which was written by Feldman and Brooke-Taylor, later used by Monty Python despite not really being their style. (There shouldn't be a punchline in a Monty Python sketch.)
Fans of Marty Feldman, Monty Python or the Goodies (or why not all three?) will like this both for its humor and its historic/nostalgic value.
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