It's a Very Merry Muppet Christmas Movie/YMMV


 * And the Fandom Rejoiced: There was understandable delight to see Kermit as the lead Muppet again after Gonzo took the spotlight in the previous three movies. Additionally, fan favorites that had essentially been Demoted to Extra (e.g. Rowlf, Scooter and the Electric Mayhem) following the passings of Jim Henson and Richard Hunt were given more screentime and actual dialogue.
 * Crowning Moment of Awesome: Fozzie's heroic struggle to get to the bank in time.
 * In probably the most heroic moment of any Muppet film, Fozzie  If that's not Muppet heroism, nothing is.
 * Also especially Pepe's Heel Face Turn and Deus Ex Machina in the end.
 * Crowning Moment of Funny: Lots, to the point where it's hard to pick one.
 * The Muppets' Christmas show is an elaborate spoof of Moulin Rouge, possibly the best Muppet parody in a decade. To wit, the scene makes fun of Baz Luhrmann's editing style (at one point Fozzie grabs Kermit by the neck with his cane and begins twirling him in circles just to make the camera spin dizzyingly around them), has chickens singing Lady Marmalade, Gonzo very appropriately dressed as Toulouse-Lautrec, and Miss Piggy as "Saltine", choking on the dramatic fog in her entrance and coughing uncontrollably (making a big laugh out of what was the most tragic scene in the whole movie). In the end, Miss Piggy brings the whole thing to a halt to scream at everybody to stop singing different songs at the same time.
 * Crowning Moment of Heartwarming: Kermit and Gonzo's duet in the alternate-reality mall.
 * Also the statue of Kermit seen in the film, which in a callback to The Muppet Movie, is dedicated to "The Lovers, the Dreamers, and you", a shout out to Muppet Fans as a whole, and to the song itself, as it was a Number One song at one point in time, sung by Kermit himself in the Muppet Movie. The song is still associated with the Muppets (and Kermit himself in particular) to this day.
 * Fridge Horror: In the world without Kermit, Rowlf is not mentioned or seen at all. Now take a minute to think about what happens to stray dogs.
 * Hilarious in Hindsight: Pepe's vacation dream of living on a beach "shaking his bon-bons with Ricky Martin, okay" is ten times funnier nowadays after Ricky came out.
 * Nausea Fuel/Nightmare Fuel: In the alternate reality, Rizzo has one of the worst fates; he's in Fear Factor as one of the challenges, where he's locked in a cage and the contestants have to eat him alive. And he didn't even know about it.
 * Squick: Pepe's methods of sucking up to Bitterman are a little disturbing, to say the least.
 * Cage dancing Scooter in the Kermit-less world also qualifies. In skin-tight leather, no less.
 * Surprisingly Improved Sequel: Received a much better reception than other post-Jim Henson productions.
 * Tear Jerker: The Muppets' lives in the Kermit-less world are almost entirely bad, but most are not wholly depressing. Gonzo and later Piggy, however, aren't so fortunate. The former is a homeless performer eeking out a pathetic living, and the latter is bitter and depressingly lonely.
 * True Art Is Incomprehensible: The original opening number for the Christmas show (directed by a French choreographer that Gonzo hired) was... decidedly un-Muppet-like. Case A: it had a Muppet throwing glass Christmas ornaments directly at the audience.
 * The Woobie: Fozzie in the real world, Gonzo in the alternate reality.