I am apparently one of the 10 people in the world who didn't see this show when it was played on TV in the late 80's, nor since.  That being said, I quite enjoyed it.  It was fun to see all the of the different Muppet incarnations, at that time, come together to celebrate Christmas.  The songs were fun, and contrary to many of the reviews, the plotline does not suffer greatly from the missing material.  Of course, it does suffer if you had seen that material for years and it is suddenly gone on the DVD version, but that wasn't the case for me.  BTW, to the purists, I felt that when Animal jumped through the screen and cut the Muppet Babies part very short, it was a blessing, because they're annoying...  All in all, good Christmas fare and a great deal when bought in the 2-pack with Emmet Otter's Jugband Christmas.