Ted is THE poster child for the fact that every great concept doesn't automatically become a guaranteed winning project once it leaves the drawing board. This movie SCREAMS "Here's a great idea, but we just didn't know what to do with it." Whether it was because of lack of imagination or too many tokes on the community bong, nobody will ever know.
Having a movie about a real-live Teddy Bear existing in the every day life of a 30-something underachiever sounds like a winning formula. However after the first few moments, the movie stalls, the dialog gets stale quickly and the majority of the story revolves around Ted getting high and/or trying to bang shallow, attractive women (even though Hasbro didn't include on him full, working equipment) while the main character tries to balance his 4-year ongoing relationship with a woman completely out of his league and his life-long Thunder Buddy (Ted).
Lewd, crude and rude, Ted does little to entertain beyond the limited soph-moronic humor. Unless you are a rabid fan of Family Guy or the 80s Flash Gordon, live in or around the Boston area or think it's funny to hear the F-word every other second, this one won't be for you.