Smoochy's tribute to Spinner during the ice show and giving him and the Moochie character a proper kindhearted sendoff. You can tell Smoochy really did care dearly for Spinner.
The fact that Sheldon Mopes just wants to create a fun, enjoyable show for the kids is heartwarming all on its own. Normally in these type of movies (and hell in this movie alone), characters like Sheldon are usually shown to be secretly psychotic, or downright lying. But no, Sheldon really is as nice as he seems.
Sheldon never truly giving up on his dream to make Smoochy a lovable kids icon. Out of all the characters in the movie, he's the one who gets crapped on the worst and yet he's always trying his best and following his ethics.
The moment when Randolph breaks down crying in Sheldon's apartment and asks him if he could just be his friend, which Sheldon agrees to without hesitation, leading Randolph to pay back the favor and risk getting caught by the police to stop Buggy from taking Sheldon's life almost at the cost of his own. His triumphant return as Rainbow Randolph was more than earned. You get the feeling he's going to do something worthwhile with his second chance, and the closing finale with Smoochy and Rainbow Randolph hosting the ice show together just makes you feel all warm and fuzzy inside. A happy ending for a broken, misguided, angry soul.
Tommy Cotter being the one to stop Sheldon from killing off Burke Bennett, by pleading him to not give up his ethics for a worm like Bennett. Not for what she prevented but for the fact that she genuinely didn't want Sheldon going down the dark path.