The former. A cynically manipulative mid-Atlantic production devoid of soul and drowned in syrup. Was there really any need for the plot to send Michael Marshall's (sp?) character to the US for 30 seconds apart from commercialism? (ditto Billy Bob Thornton's cameo)
Maybe the closest skit to the truth was Bill Nighy's washed out rockstar cashing-in on Xmas with a reworking of Love is All Around. (but Nighy is a pretty fab scene-stealer in most things)
I was a massive fan of Blackadder so that these cliched rom-coms come from the pen of Richard Curtis is still perplexing.