Liberace is at the peak of his popularity during this early TV period. However, his comedic possibilities are pretty limited. So the skit understandably concentrates on two of his trademarks—candelabras and dress-up. As ccthemovieman observes, Liberace is a good sport about the jibes, but the sketch goes on too long and is not that funny. Better, when the two perform musically, demonstrating the piano player's abilities as a master showman.
Catch Gertrude and Mabel, the two phone operators whose fractured conversations were a standard feature of Benny's radio show. On TV, however, the schtick doesn't work as well, at least in my opinion.
Actually, the most memorable part for me is that truly dreadful intermission commercial where Don Wilson makes sure everyone in the crowd is puffing on a Lucky Strike. He's absolutely gleeful as everyone absorbs their carcinogens from the tobacco sticks. This is not just the power of hindsight. The connection between tobacco and cancer was well known to medical science at the time; however, the power of the tobacco industry prevented government from taking appropriate action. So instead we get grimly ironical commercials like this one.