...and, national treasure though he undoubtedly is, I think this was absolutely the right decision - as the piece he sued over was so clearly and unambiguously a piss-take. Put it like this, if he'd won, the repercussions would have been too hideous to contemplate: Private Eye would almost certainly have to change beyond recognition, as would Have I Got News For You and many, many similar examples.
Here's the offending article (guaranteed libel-free!), and a report on the court case.