I loved it - it was quite self-indulgent but they've earned the right to do whatever they like. As Columbina says, "...it's like something a drama teacher would have a wank to, but hey, it's series six..."
It's worth looking at the history of Commedia dell'arte if you're not familiar with it. Wuthering Heist was a classic scenario with many of the standard characters and the costumes and masks followed the traditional style. The two posh but hopeless lovers (Innamorati) are the only characters who aren't masked.
There were some nods to Shakespeare and to English Pantomime, Music Hall and of course Punch & Judy which all drew on the traditions of Commedia dell'arte.
