Just to state it for the record (since it actually hasn't been said yet on the thread), this would be under the banner of "Henson Alternative" - Henson's not-for-kids projects like Puppet Up! and Tinseltown.
I do like the idea. Who else could better send up Henson than...Henson...now that they are free (still have obvious ties with but still from an ownership angle are free) of The Muppets and Sesame Street, this could be a great nod to its past while establishing non-Muppet Henson as an entity...a high profile puppet-based project that's not a pre-existing property.
...and when i first saw the news, the first thing that crossed my mind was Roger Rabbit meets Greg the Bunny - actually what's cool about the premise is that it doesn't quite steal from GtB but rather takes the premise further! GtB dealt with the concept of puppets-as-second-class-citizens and kinda skimmed the surface of the bigotry they faced, but one of the worst forms of bigotry is violence/hate crimes. Henson really has the opportunity here to not only provide something edgy, fun, self-referential, but also still have that Henson touch of deeper meaning - using puppet as metaphor for the struggles of women, race (blacks in particular although many other races have felt the same sting), and gays. I don't see this as a hit-the-audience-over-the-head with the underlying message/metaphor in the way a Dinosaurs episode might - but still something people will "get" subconciously or perhaps after having exited the theater, that lightbulb pops up over the head.
I really quite like the idea, hope it does make it past development, and am excited to see how Henson takes the idea and runs with it.