Oh, yes it is! Or so, we're lead to believe, as the film pushes the beige (Brown Valley, Iowa) aspects at us of the very inwardly looking staff who work at the Brown Star insurance company (all six of them).
Including boring and naive Ed Helms as Tim Lippe (pron. Lippy) who is sent to the big bad world of Cedar Falls to attend a conference, after one of the executives dies during a sexual act. He's sort of engaged to Sigourney Weaver and whom he constantly consults about everything he isn't sure of - which is almost everything.
It's very obvious where this film is going and whilst many were no doubt expecting a riotously bawdy 'Hangover' style comedy, Cedar Rapids isn't and never pretends that it will be. It's gentler, with Helms remaining nerdily sweet throughout, even when he succumbs to alcohol (Cream Sherry!), antics in a pool and sex with Anne Heche. And, oh, drugs, too.
The flesh on these bones are the supporting cast, notably John C Reilly as an obnoxious and flashy irritant, who swears a lot and thinks only of sex. I found his vulgarity a bit wearying but it was better than in some 'gross-out' films and one can believe that such people do exist.
I saw it on Sky Movies - I wouldn't have been so pleased if I'd paid to see it in the cinema or bought the DVD, but as it was, it was quite good, especially if expectations are lowered a bit and if characterization is more important than hilarity and bawdiness. You might like it also if you happen to work in insurance yourself!