Initially I really liked Abby, the fact that she was very emphatically a fairy and not just a humanoid little girl or monster was a bit odd, but Rosita started out as a bat and Telly was a homeless television addict, so I assumed it was just "early character development weirdness" and that once her personality and voice were more established they'd cut it out with her wand cellphone and "poofing".
The wand-phone bit in particular irked me, as I felt it would make three year olds start demanding their own smartphones even moreso than they would already, and it consistently depicted Abby as getting into a mess of trouble through pure carelessness on her part, and then calling her mother who would instantly bail her out. This is obviously not bad advice for Sesame Street's target demographic, but remember that these lessons stick with kids long past the years when they view the shoe religiously.
As for the Flying Fairy School bits, I very much agree with much of the sentiment expressed ITT. I'd have much, much rather seen it as a standalone Muppets sketch akin to Bert and Ernie or Grover vs Mr Johnson, and I don't like the idea of taking an existing puppet character and rendering it as CGI. Especially when it's in such a way that it's meant to look like an animated version of its felt, fur, and fleece counterpart, rather than conceiving it as an animated reimagining of the character ala Muppet Babies. It makes me worried that in twenty years they'll have completely replaced the SS Muppets with CGI. Even if they're visually indistinguishable, look at the Star Wars prequels if you want evidence that a human voice actor can't act convincingly against a CG character they can't see in a blank green room.
Lastly, I don't like that the concept seems to be trying to cash in on both the revolting Disney Princess craze and (an extremely dumbed down version of) Harry Potter. The female Muppet characters on SS and elsewhere were always borderline revolutionary in how unconventional they were. Miss Piggy, Red Fraggle, Janice, Prairie Dawn, etc were all bold and independent, without being stereotypically tomboyish. Having a sparkly pink fairy princess who solves problems by calling mommy just feels like it belongs in a different universe.