The original Elmo's World was enjoyable, but I agree that after season 32 it started to grow a bit stale.
Elmo The Musical, I actually found really enjoyable most of the time. The production values were great, the songs were catchy, and unlike EW, it had actual stories and stuff. But then in season 45, I think the writing was pretty sub-par, and coupled with the fact that Ryan hadn't fully settled into the role of Elmo yet made it a dull watch. And in season 46, it's final season, the segments got way too short and rushed.
Newer Elmo's World, well, I just don't find it enjoyable. The segments are way too short and rushed, the funny one-liners and quirky characters are basically non-existent, the production design is meh. The whole thing over all just feels less lively than the original. Frankly, I just wish that they would do away with the rule that they have to have an Elmo segment at the end of every single episode.