I'm a movie buff and watch movies all the way through even if they aren't that good just to see the complete story. Festival was recently screened on Channel 4's new free movie channel (Film 4 UK) I'm a fan of Stephen Mangan from watching Green Wing so I thought I'd record it and watch it later - I erased the movie from my DVD recorder half way through it was that bad and struggled to make it that far! The story (if you can call it that) is bland, the characters are bland (with the exception of Chris O'Dowd's who plays a good part) Mangan's character is completely unlikeable and totally unfunny considering he is supposed to be playing a successful comedian.
And yes, there is that infamous scene where Mangan displays a (prosthitic) erection, which is shocking and can only have been included for shock value as it doesn't provide any laughs at all.
You have probably gathered that I didn't like this movie much, and you would be correct. I don't know if it improved in the second half as it got deleted after an hour..
This is not a great example of British film making, so if you happen to chance upon it while flicking through the channels - you have been warned!