Ted is fantastic. It's completely littered with pop culture references, 80s gags and movie-insider jokes. It's brilliantly written, paced and handled. The CGI is efficient and doesn't damage the live-action setting. Marky Mark is on fine comedic and straight-guy form. Mila 'my eyes will burn into your soul and cause the majority of 13-35 year old males multiple erections' Kunis is equally great and Seth MacFarlane does a fantastic Peter Griffin impression with Ted.
That's pretty much all you need to know. Alongside 21 Jump Street, this is the comedy of the year.
If you've seen it, you'll get this.