I saw the Portlandia live show last night at the 9:30 Club. It was pretty cool overall.
They basically did a couple of comedy routines that were funny (one of them involved Ian from Nation of Ulysees), played a number of clips from upcoming episodes that were really funny, and then played a few songs with a full band that were ok. Then at the end they played some real songs with some girl I've never heard of, and it kind of left me confused. They were also having to rush at the end because there was a second show that night.
Overall, I laughed a bunch, but probably not worth the $40 or whatever it was. My friend and I were saying we should have saved our money for the upcoming Wild Flag show.