AS I oft said, compairing FTB to EIG is like comparing The Empire Strikes back to Revenge of the Sith (It used to be Attack of the Clones, but I said that before that one came out). They are both great movies IMO, but the older one is better for multiple reasons.
I once posted a review of EIG somewhere. Basically it said, "this is what I want to see out of Elmo." Not Elmo's world. not Elmo talking to random celebrities. Elmo being Elmo, having a lot of character developement. We see Elmo's refusal to share (insert obvious reference to Elmo's World and 90's-current SS) which led him to a downward spiral. he had something, and in his refusal to share it, he almost lost it.
And we had quite a few cameos by all of our favorite characters (sans Kermit, unfortunately). And Big Bird, Oscar and Telly got in on the plot, allong with Maria and Gordon. So it was much more than an "Elmo" movie to me. Plus, seeing Dave Golez play a Sesame Street character is always a pleasure.
But I have fonder memories of FTB, and still have the original single 45 release promotion from seeing it in theaters. Both movies I just loved, and I find it sad they don't do any more Sesame Films like this anymore. Even a DTV one.
You should see how lush and beautiful the street looks in compairison to the televised set. I wish they were able to keep that set and use it on SS. It looked like the big busy street it was meant to be.