The “Weekend Update” segment from “SNL40: Weekend Update with Tina Fey, Amy Poehler, and Jane Curtin” that features McCarthy’s version of the character is pretty wonderful, if a bit slow. The Farley tribute begins at 4:19, but I would urge you to watch it all.
Farley absolutely threw himself into this “thrice divorced” motivational speaker who lives in the van down by the river and takes in far too much caffeine. Whether you like the writing or not, it is impossible not to be caught up in Farley’s enthusiasm as he talks about eating a lot of government cheese, says “Oh, la-dee-freaking-da” or “Whoop-dee-freaking-do” about anything his clients are proud of, and smashes tables. (The first time that happened in Matt Foley’s first appearance, you can see on the faces of the other actors that they had no idea it was coming.) He constantly uses wildly emphatic gestures, and it’s just a delight to see someone perform this way.
Considering the fact that I actually heard someone joke about living in a van down by the river no less than three days ago, I’d say this character is still pretty beloved, and McCarthy was nervous to be the one paying the tribute.