I liked that song. I mean, yeah it's just another Elmo bit, but frankly, I can't think of any other character that would've worked singing that with the Justin Bieber puppet. At least they got someone who can actually sing to do his vocals. It's certainly no Chris Cerf, but the composers they have today are good and deserve as much respect.
But, as Drtooth said, using it twice in a 26 episode season doesn't fly. It would in the old 130, but by now, they have so little inserts in each show and so much material to use; there's no excuse.