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Here I go, ranting on about things I don't know about... I have found a home. :D
Most funny people, comedians especially, are wounded, tortured souls who feel a compelling desire to be noticed. Early on, they notice being funny is much more rewarding than being a sad, tortured windbag, so funny it is. Also, funny people get beat up less.
When successful comedians get older, they feel it is okay to finally show in inner-wounded widdle person, which, for the most part, is very unfunny. It is also unpracticed, as it was kept bottled up. Therefore, not as good. Add that to the fact that we want them to still be funny... bad news.
As for Steve Martin... I never really found him all that funny. His SNL material was for stoners. The Jerk was funny... if you were stoned. Some of his lighter comedies were okay, and everything I have seen him in trying to be serious is kind of painful. His banjo playing is, however, exquisite.
Steve Martin is at his least funny when he tries to do anything that involves an accent or ethnicity (My Blue Heaven, Pink Panther, that movie with Queen Latifa). My Blue Heaven is 90 minutes of my life I'll never get back... woe is me indeed.