NY Friar's Club Roast. What's it all about?

Factual Questions
1

I saw commercials for Rob Reiner’s roast but didn’t watch it. Hugh Hefner will be roasted on Nov. 4th. So…what is it all about? What is the Friar’s Club?

2

A Friar’s Club Roast is an event at which some famous celebrity is honored by having a bunch of other famous celebrities insult him for two hours.

Here is the hideously ugly Friar’s Club Page:
http://www.friarsclub.org/index2.html

3

Ack! Maybe the TV show will be more funny.