I have wanted to see Ted since it first came out, however, I have movies I prefer to see in the theater, and movies I'd rather see at home. Ted fell into the "at home" list, and then it was just a matter of waiting on Redbox. If you have not yet used Redbox, by the way, you should: you can search for and reserve movies online, and then pick up at your chosen location = awesome!
Ted is not for everyone: the language is pretty gritty, and there are some scenes that can offend, so make sure whoever is watching with you is aware.
I thought it was hysterical, and the perfect Saturday night stay-at-home movie. I think it's more of a coming of age movie, with the main character having to "shed" some of his childish ways in order to fully mature. It also has an anti-bullying theme, believe it or not.