My thoughts and views...
On the lack of Kermit...
I checked on this issue and the lack of Kermit is not Henson's fault. It's Disney's! Back when Henson produced the giant Emmet Otter "Collector's Edition" DVD back in 2005 they tried and tried to get Kermit. Craig Shemin (who produced the set and the awesome new bonus features) fought long and hard for Kermit - as did the Jim Henson Legacy and Henson Company. But Disney said no. Henson and HIT made every effort back in '05 to get Kermit for the "Collector's Edition" (even if that meant paying Disney for the frog's scenes), however, Disney would not allow it. I checked with some friends at Disney and they backed this story up. Disney's policy is they don't "rent" the rights of their characters out to the competition (Sesame Workshop, which is a non-profit, has a special deal with Disney -- and other guest appearances have other pre-arranged stipulations). It's sad, but Disney is the "bad guy" in this situation - not Henson/HIT/Lionsgate.
However both specials here - "Emmet Otter's Jug-Band Christmas" and "The Christmas Toy" - are still very enjoyable without Kermit's brief appearances. From a historical standpoint I miss the scenes, but from a storytelling standpoint the specials still hold-up and are just as great. I would not cut off the nose to spite the face here - don't sacrifice 50-minutes of classic Christmas entertainment just because there's 2-minutes that will have to stay in the vault.
On the Emmet Otter re-issue...
As many have already pointed out, the "new" Emmet Otter DVD is simply a re-issue of the "Collector's Edition" DVD from 2005 (just in a cardboard slipcover with new artwork and the "Jim Henson's Christmas Classics" logo). HIT wasn't trying to imply that this DVD had anything new - it was simply a re-release of the content on the wonderful collector's edition DVD under Lionsgate's distribution (HIT's distribution deal switched from Frox to Lionsgate in the past year and the '05 DVD went out of print). So this is a way to keep Emmet on store shelves. The disc features are exactly the same as the 2005 edition (which are great and totally worth the money), so if you already bought the "Collector's Edition" you can pass on this re-issue, but if you don't have the "Collector's Edition" I suggest picking this release up (if just for the bonus features).
On the lack-luster Christmas Toy treatment...
The special is great (even without Kermit's brief cameo). Check this out if you want to see a classic Christmas special with lots of heart and Muppet fun. However this DVD treatment is quite a let down. I own over 900 DVD titles and this is the first one that doesn't have a menu! I mean it's 2008, how hard is it to utilize this format and make the functionality of the release more than that of VHS. How hard would it have been to create a menu (even if it was just a still image and text)? They could have easily put "play feature", a "scenes selection" section, and some "previews" for other HIT/Henson titles on there. And there are 13 already-produced episodes of "The Secret Life of Toys" out there that could have been tapped for quick and easy disc filler. I wasn't expecting a giant newly-produced behind-the-scenes documentary, but something (anything!) would have been nice. Heck, they could have even tried to pull what they did on the early Fraggle Rock DVDs and give us a bonus episode of some unrelated show (yes, I'm looking at you "Pingu"). But they did nothing here and it just showed that this release was unimportant, rushed or just cheaply produced. It's sad. You might as well buy the special from iTunes because the DVD gives you nothing else (except a box).