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It doesn't work all the time, but when Deepak Chopra shows up in Funny or Die Presents, you'll be howling....
HBO / 300 Minutes / 2011 / Unrated / Street Date: December 18, 2012
As is the case with Funny or Die's website, some of these Complete Second Season's sketches are legitimately laugh-out-loud funny, and many are decidedly unfunny. This is the way sketch comedy tends to play out - that paradigm could be applied to any Saturday Night Live episode - so with Funny or Die Presents, it's all about whether you're on its wavelength or not.
The more reliable recurring skits here are the ones that showcase Funny or Die's most valuable secret weapon: face recognition. Will Ferrell and John C. Reilly show up in a sketch about animals that is pointless, inane, and wildly funny, and folks like Ben Stiller, Kristin Wiig, Elijah Wood, and Bill Hader also stop by with often excellent results.
As far as the question of rewatchability goes, though, Funny or Die Presents: The Complete Second Season might not have a lot of longevity to it. As a one-off, it's inconsistent yet frequently rip-roaring, but I doubt there's more than a half hour of footage here that you'd want to share with your friends more than once.