First of all, I hate stand-up comedy. Not to generalize or anything, but stand-up comedians are all bitter men with inferiority complexes who tried to buy into some patriarchal version of manliness and failed and are now trying to make it up in a pathetic bid for "crass" popularity.* Then they all get older and fatter and start talking about their kids and their wife and even if that is also "crass" I personally never want to hear about anyone discussing domestic shit like that. Also, as someone who's always aware of awkwardness, stand-up comedy is just so awkward, and everyone attends stand-up shows because they know they will laugh regardless of what the joke even is.
So, at its core, stand-up comedy often seems to be about proving oneself in an often "masculine" way. And what is interesting about Chelsea's show is that she sets up/makes jokes and then the other comedian panelists have to come back with something equally funny, and then she often shoots them down. She is almost always the funniest person on the show (in part because the guests are so often that tired and typical stereotypical stand-up guy) but her sense of humor tends toward the quick, dry and bitchy instead of the desperate, lame set-up style so often seen in stand-up. (Though Chelsea is actually a stand-up fiend and does it constantly despite also having the show.)
Also, Chelsea is a genius interviewer. As anyone who watches late-night shows, usually the guest comes out and the male host talks about how much he wants to do her and then she tells this totally quirky story about slipping at the food court at the mall that didn't happen and hahaha. But Chelsea is mean and probing! In one of the first interviews I saw, she asked Jodie Sweetin about doing meth.
In conclusion, I would not call Chelsea Lately perfect. Too often, her panelists are so lame, they ruin the show (seriously, I should be a panelist! Let's do a letter-writing campaign!), and she was also nice to Katy Perry. When Elizabeth Berkely was on, she was mean to her but she couldn't get a word in about Showgirls because Elizabeth acted like she was on Oprah the whole time. But overall, she certainly gets my seal of approval for sure.
Here are some youtube clips of Chelsea Lately:
*Alright, obviously there are some okay stand-up comedians, but this is the general format. Also, have you ever even watched Lenny Bruce onstage because that shit is totally dated and unwatchable. Sorry!