The English version is higher art, melodramatically speaking. The American version is the funniest shit I've seen in a long time. It has unseated Curb Your Enthusiasm as the most hilarious show on television.
Actually, I was about to express my disappointment with Chris Morris. He can be funny, but I was expecting my mind to be blown from what I had heard about him. Paulybee recommended him highly and I have a full disc of his bits, but, ultimately, it's not my cup of tea either. Good comedy writing is a very tough nut to crack.
Some Monty Python isn't funny either, but the stuff that is funny is some of the most brilliant comedy ever. I suppose I'll always judge British humor by that impossible standard, much to my chagrin.