I think the latest episode, 11/11, pretty much exemplifies why the show is not as funny as it used to be: getting to far into the realm of the bizarre, rather than exploiting the humor of the banal. Specifically, the haircut Jerry had was hysterical. They should have concentrated more on the act of getting a haircut: describing how you want it, how you find hair everywhere after its over, among other things. Instead they created some idiotic back-and-forth between two barbers. I did find the stereotyped Italian barber thing rather humorous, with the music in the background, but I think it was a mistake to make them the focus of the show.
Incidentally, I think this is the first show ever that I've seen George actually laugh out loud.