Sure, Youth for Joe Volpe is funny. It's funny for a good reason; the whole scandal is not just "sketchy", but somewhat silly as well.
That said, it's going to be significantly less funny to the Liberals reading it when it's their candidate in the crosshairs. Ignatieff and Kennedy, for example, are both ripe for absolutely vicious satire- the former for his "I'm in favor of waterboarding, but not thumbscrews" take on torture, and the latter for seeming to want to live in every province in the country in order to show that he's not actually from Ontario.
(Of course, unlike Volpe, both of those candidates have their coterie of loyal bloggers. I doubt that will decrease the tension, though.)
Meanwhile, Stephen Harper's oppo research team just laughs and scoops it all up for the next election.