I heard about that. I remember talking to someone about it after I found a spare program lying around... they said it was all internet memes and stuff. While it wasn't bad enough that people walked out during the performance, I heard that some walked out during the intermission or something.
I was considering joining until I watched last years revue Youtube and it was absolutely awful.
I got the impression that everyone involved believes that simply stating a stereotype is the funniest thing in the world. No word play, no twist, no misdirect, nothing that would normally make a joke work as a joke. Just a blatant, cold reading of a clinical and mundane list of stereotypes is what gets them going.
It was one of the most intellectually vacant, unfunny, boring "comedy" performances I've ever seen (though I haven't seen the other UNSW revues). I can't think of something being more dull than what they find amusing, if you take them at face value that this is all "just a joke" and not actually deplorable.