I was just about to start a thread about this since I just watched FTB. I've seen both movies and must say that FTB is better.
There are a few reasons why it is better to me.
1. FTB deals with a real life issue. EIG was about Elmo's blankey, FTB was about the real life situation of a child being torn away from his family. With so many foster children out there it's a very relatable story for kids and adults alike. FTB is back when SS wasn't afraid to be real and talk about real life issues. From the Sesame Street shows I've seen lately, there are a lot less important issues and a lot more "blankey like" issues.
2. Original characters were the stars in FTB. I try not to dwell in the past, especially since I watched Sesame Street during both the Henson and post Henson era as a kid, but I think Sesame Street was a lot better when Jim Henson was alive and involved, and when Frank Oz was involved a lot, SS was better too. EIG was said to be an extended SS episode, but I dissagree. It was an extended Elmo's World. It was made for a very young audience instead of the family.
3. FTB had better writing over all. EIG was too cute.
4. Again, this is an issue of which is more real. FTB was in the real world and put Sesame Street as a real place and the muppets as real living things. EIG took Sesame Street into a fantasy world and totally ruined the idea that you could actually go to Sesame Street. It took away Jim Henson's vision of Muppets interacting in the real world, being treated as real living beings.
5. FTB made you feel something. I was sad when Big Bird was in his cage singing as a blue bird. I was frightened when I saw Ms. Finch (when I was a kid that is
). I was happy when Big Bird got home. As a 19 year who just watched GFTB after many many years, I still felt these emotions. So, it couldn't be an age issue. When I watched EIG I felt nothing but an annoyance. Who cares if he lost his blankey? Who cares about some guy who won't share? these issues don't deserve a movie. They may deserve an extended Elmo's world special, but not a theatrical release.
I'm probably being hard on EIG because prefer the old Sesame Street as opposed to this new fast moving brightly colored watered down stuff, but ask an adult to watch Sesame Street today and they wouldn't like it. Ask them to watch an episode from the 80's (when I watched it) and I think they'll like it a lot better.