Probably the lightest of all fantasy sub-genres, Humorous or Comic Fantasy is fun first, fantasy second. Basically, it just presents a fresh and interesting environment that will generate fresh and interesting humor.
Magic, if it is present, will probably be exploited more for its comedic potential than for actual results, such as failed incantations or unintended consequences.
Most characters are identifiable types: the sultry woman, the sassy girl, the strong and silent knight, the slyly perceptive idiot.
Although the tone and intent of the works are light, there is a level at which they can be considered fairly intellectual and worth some work.
Usually not much, and not graphic.