Thinking about "Elmo and Friends", whatever that is, I wonder if it could be like "Best of Friends", only with more Elmo. I could see it having about two Elmo segments in a row, then a section of skits on different characters, including one appearance with Elmo if possible. For example, it could start with "In Your Imagination" and one of the "Word of the Day" skits with Elmo, then some Cookie Monster segments, let's say "The Cookie Bunny", "One Flew Over the Cukoos Nest", "A Monster Are My Red 2" (with Elmo), and "Match Those Shapes". Then a couple more Elmo segments, then a section of Grover segments, let's say "Grover Serves a Burger", "Super Grover and Super Elmo", "I Need a Word", and "Near and Far", and so on....
Another possibility is that it's themed around the various main characters, with a heavy emphasis on Elmo. Meaning most of the segments feature Elmo, but many of them also feature other main characters with Elmo (and a few without him).
I guess we'll know for sure when somebody posts info on Muppet Wiki. If I find a copy I'll look at the packaging to see if the whole thing is a rerelease of existing video releases.