I agree with whoever mentioned it earlier in this thread that it's surprising that Telly doesn't seem to be present for the festivities, especially given that by this point he was well on his way to becoming a major character. Perhaps he was too worried by reports of the snowstorm and decided he'd rather stay back on Sesame Street than risk going out and getting stranded (probably he stayed at Bob's given how much he worships him).
Other than that, though, I consider this as perfect as the Muppets can ever get. They always did the holidays better than anyone--and more consistantly that Rankin-Bass when one thinks about their long-term track record after Rudolph and Frosty--and looking back this is their ultimate holiday effort. All I would have changed with the finished version would have been a few more shots of the Fraggles singing along with the others; other than that, it's absolutely perfect. I can still remember that strong wave of excitement sweeping over me when I plopped in front of the TV in December 1987, and within a minute or so realized that this was something special, a once in a lifetime television experience (one of the things that will stay with me forever will be my mother shrieking with exaggerated excitement, "IIIIIIITT'S RREEEEEEEEEEEEEEDDDDD!!!!!" when Kermit bumped into her).
Seeing them all together in one place was something I think we all wanted to see at one point or another, so Jerry Juhl deserves great credit for being able to accurately gauge his audience, which few entertainment types seem to want to care to do today. If they can somehow overcome the copyrighting differences, someone should try something in the same spirit as this sometime down the road.