Watched this last night and laughed quite a bit, but I agree it has too manly lulls and jokes that are hit and miss.
I give the movie credit for never painting Kunis as a shrew, and for there being a real core to her relationship with Wahlberg.
The reason Family Guy has never connected with me is, unlike The Simpsons, there's no heart. Beneath all the mean spirit and irony the Griffin family aren't actually characters. I'll give Seth MacFarlane this, he's managed to make a movie with real heart. There are long stretches of real emotion and connections between characters that go unspoiled by cop-outs about how feelings are icky, especially toward the end.
As for the racism, MacFarlane has just tapped the vein of a strange cultural movement this last decade or so. From hipsters to college fratboys, ironic racism is a strange beast. Entitled white people saying "nigga" because "my best friend is a black guy!" or by quoting movies incessantly. The strange thing is that while Family Guy can kind of get away with this with the excuse that the characters are mostly ignorant or outright idiots, Ted doesn't have the same excuse. For the most part the character Ted seems reasonably intelligent and self-aware, if selfish...until it's time for a punchline.
The movie seems to think this is okay as long as there's someone (Wahlberg, Norah Jones) around to call Ted out. In Wahlberg's case his shrill whining firmly positions the movie in Ted's favor, and Norah Jones' brushing off the 9/11 crack is the equivalent of "my mom's Muslim so it's okay!"
Still, it had its moments, and there's real pathos during the stretch when Ted gets ripped in two and then dies.