That's a mixed bag. It does strip the identity away from the foreign co-production, but Muppet characters look better.
The Original Brazilian Sesame Street was
frightening!
That's supposed to be
their Oscar?! It's the most terrifying kid's show character I've ever seen. Lovecraft could make a children's show that wouldn't be that scary looking.
But then again, this is the choice of the co-producers. Instead of building their own characters, they go to Sesame Workshop and give descriptions of what they want. After a while, some of them said "do you have any characters you don't want?" and then after a while said "Heck with it! We want your characters period."
I love how Ernie and Bert are so beloved in Germany they have their own show and they were one of the first to break the ban on American characters in original international material. The Chinese Big Bird was a technicality that was the arm twisting. He was the suspiciously identical cousin. But you really lose the great original characters. I'm glad some co-productions still want their own characters.