It's rare that I see any instance where the way it's used doesn't work. In fact, offhand I can't even think of a single specific instance of it not working.

But on another note, the best fourth-wall breaking I've ever seen in anything TV or otherwise was in the Minds arc of the Cerebus comics. It's done in such a way that it's basically a culmination of everything that came before, feels like it couldn't have been done a different way, and actually matters to the storyline, too. (The creator definitely went off the deep end for a while in the Reads arc right before Minds, but it didn't impact how well Minds worked.)