It totally has a very typical sitcom setup, and as we have seen countless times, the classic "main character has to attend two parties at once/date two chicks at once without them knowing about the other" premise is typically not very effective (since we always know what the outcome will be), and generally not so funny. Blackadder mixes things up by including tits, burning catholics, rudely shaped vegetables, ostrich feather sodomy, and a rather convincing finale.
I believe it may, may be the best episode of Blackadder.