As the name gives it away, it's a sort of parody on the Arthurian myth. In French, the pronounciation of this misspelling of Camelot actually is to "camelote", which means "cheap merchandise". A parody where they speak in a rather modern way, where most knights are losers, Guinevere is... not as pretty or charming as the legend says, Arthur has more mistresses than knights, they both have relationship problems with their step parents, etc...
So okay, the humor is sometimes quite low, but the actors are good and it's a nice little laugh each evening - though now we're reaching the point in their random programmation where I more often stumble on episodes I've already seen that on new ones.
And it's the only viewable program on this channel (M6) by now, so...
Official site (in French) :
http://kaamelott.m6.fr/html/series/kaamelott/home.shtml