This may not make much of a difference, or at least not now (I figure it's too late for Sesame Workshop to make any changes), but I've been thinking about what would be most important to include on this set, regardless of what we all think is important.
I'd be surprised if this set did not include anything with Big Bird, Oscar, Ernie, Bert, Kermit, Cookie Monster, Grover, Herry, Prairie Dawn, Elmo, Zoe, Telly, Baby Bear, Rosita, Snuffy, The Count, Abby Cadabby, Murray, Natasha, or Slimey. But regarding "old school" characters, I feel that it's important for the set to have at least one clip with the following characters: Roosevelt Franklin, Guy Smiley, Forgetful Jones, Biff and Sully, Don Music, Mr. Johnson, Sherlock Hemlock, Mumford, Martians, Honkers, Dingers, Twiddlebugs, and Two-Headed Monster. I feel like it's important for everybody to be included, but it probably would be hard to represent all the characters.
Of all the recurring Muppet sketches, I feel that it's most important to include Sesame Street News and Monsterpeice Theater. My instincts tell me there should be five or six News segments, and four or five Monsterpeice Theater segments, some on both discs (there aren't many News options for disc 2, if it focuses on seasons 21-40). I think one news report with Don Music and one report with Dr. Nobel Price are musts.
I sort of feel like a full Elmo's World should be on there as well. I wouldn't be disapointed if EW was excluded altogether, but feel that it belongs, especially if footage from certain street stories are included. Other recurring Muppet sketches that I see as a must for the set include waiter Grover (this set should have 2-4, plus some additional Mr. Johnson sketches), Super Grover (I'm thinking 3), The Letter of the Day, The Number of the Day, Spanish Word of the Day, Murray Has a Little Lamb, Global Grover, and maybe Journey to Ernie, Hero Guy, and Monster Clubhouse.
For the non-Muppet inserts, I feel like it should have one sketch each for Jim Henson's season 1 number series, Jazz Numbers, The Mad Painter, The Bellhop, The Typewriter, Teeny Little Superguy, Bert and Ernie's great Adventures, and Pinball Number Count, and a few more for Fay Ray and Suzie Kabloozie.
Well, that's all I think for now.