I think the standard of artwork and gags in usually pretty high in MAD, Two Headed Boy: the caricatures and covers were often stunning and ingenious. I agree with you that it's not quite as good as it was in earlier decades, the Peter Kuper Spy vs Spy is not as good as the Prohias original, for example.
I would say
PRIVATE EYE magazine is the closest to MAD in these shores: the EYE is poor in comparison for me although many Brit satire buffs love it. Not me, though-------a lot of the cartoons they print there today are of the postage-stamp scale---not for me, personally.
I think VIZ is great value, though: lots of detailed panels in general, which harks back to pre-80s BEANO, which I like a lot.
VIZ is also very good at sharp satire at times---I loved that detailed 'Map of the Sh****h Isles' they put out a few years back: that one was on par with MAD for me.
MAD have the best production values I think though: a lot of their recent covers, using digital colouring, are stunning by any standards.
CENSORED VERSION, altered by your vigilant Mr Smith:
