I'd say most deffenitly watch it. Just don't go expecting too much from it. It's good, as long as you keep your expectations low.
Fortunately, when I saw it, I had already read all the Muppet Central reviews. The best part is deffenitly the outtakes, and they show just how close Steve Whitmire's Kermit is to Jim Henson's when he's ad-libbing. Pretty neat.
If they have the DVD, watch it with the Kermit and Horace commentary. Real good.
I'm good at keeping my expectations low! I should add that to my signature.