This type of show was once the stronghold of people armed with anecdotes and stories who are known for their speaking ability. Now it tends to be anyone half famous and tends to be dominated by musicians whose careers are needing a bit of a kick start. Back in the 80's it was more of a classy and honed affair rather than the more gaudy shows we get now in the "Audience With" shows. Anyway, back to the show in question here where we have that distinguished gentleman Peter Ustinov in front of a celebrity audience mostly just sharing witty stories.
It is a classy affair but it has dated somewhat when you think of what would be shown on a Saturday night now I find it unlikely that his rather privileged stories and experiences would sit well alongside X Factor and the like. How you take this depends on your outlook I suppose because Ustinov is not a standup comedian (no matter how much the audience and the laughter track beg to differ) so his stories are mostly more amusing rather than hilarious. It is fortunate that he does have a good presence as a rather eccentric uncle with a good education and lots of stories. The studio audience perhaps overdue their appreciation of him but he is still a good speaker and he doesn't have many flat moments.
Overall then a classy audience with Peter Ustinov that will seem pared down from modern "Audience with" shows have been. It isn't hilarious but Ustinov is a good speaker and his presence and unique style make it an interesting and quite entertaining show.