Recently saw Punchline for the very first time. I actually had never heard of the film before a couple of years ago. Great film! Very funny & poignant at the same time.
I didn't find much of the stand-up that funny, for the most part. However, I thought Sally Field's stand-up jokes were hilarious - I found myself laughing out loud at them. She definitely had the best routine(s) in the film.
The ending was great - very touching, but the same time somewhat realistic.
I.e., I could see why the Sally Fields character didn't want to accept the prize & instead gave it to someone else - given that she had something to fall back on (her family), whereas for others in that business being a comedian was all they had going for them.
I thought this was a well-done & underrated late '80's film, and an interesting examination of stand-up comics & humor in general.