I'd be excited about Elmo's World getting the boot if there was a snowball's chance in heck that it would be replaced by something even slightly better. I haven't seen Elmo the Musical yet (no TV in our house so our daughter watches SS on Netflix or elsewhere online), but I will be absolutely shocked if it's anything but another mind numbing, soul crushing exercise in repetition that fails to either entertain or educate. Sesame Street didn't start out as a babysitting/merchandise hawking service for upper middle class suburban toddlers, it was supposed to be a way to help parents, particularly less affluent ones who couldn't afford preschool, prepare their children for kindergarten, building basic counting and reading as well as their imaginations. But I fail to see the educational merit in Dorothy thinking about balls, or Elmo watching the All Balls, All the Time Channel.
At least the surviving members of the Noodle Family are now free, and no longer trapped in a pocket dimension forced to entertain the Little Red Menace.