Not funny or good because of the ridiculous concept
More than in other genres, movies about everyday relationships need to have some root in reality, so that people can relate to them.
While a lot of observations about men and women in this movie (and the comedy attached to that) were not wrong (or unique), the movie still didn't work because they were presented within a framework that just doesn't ring true.
The notion that a woman would force a hall pass on her husband because he looks at another woman's ass, is simply too farfetched (the occasional exception notwithstanding).
The fact that everybody knows that, undermines the entire movie.
[Even the realization by one of the two women at the end, namely that she wanted the hall pass for herself, doesn't change this imho...irl it just wouldn't happen and the woman would rather cheat herself than allow the husband to cheat]