Awesome Music: Every musical note in the film. Extra points for getting a Broadway orchestrator, Ralph Burns, to score the film...
Big-Lipped Alligator Moment: "Gonna Always Love You". Piggy wonders, out of nowhere, what things would have been like if she and Kermit had known each other ever since they were little... cue an Imagine Spot featuring an entire musical number sung by, well, Muppet babies. When Piggy is snapped out of her imaginings, it never comes up again. As cute and adorable as it is, its existence makes very little sense except as a Poorly Disguised Pilot for Muppet Babies (and even that wasn't actually why it was made, as the cartoon was created in direct response to how popular the scene was).
Broken Base: Although the film is well-liked, there are also some Muppet fans who feel it's one of the weaker installments due to most of the cast being Out of Focus.
Harsher in Hindsight: The song "Saying Goodbye" seems strangely prophetic about the fate of the Muppets just a few years later. To wit:
Scooter sings a whole verse by himself. After Richard Hunt died, Scooter made no notable performances for over a decade.
Rowlf literally getting Put on a Bus. After Jim Henson's death it was almost a decade before Rowlf so much as spoke again, and another decade before he started getting actual roles again.
This is because Rowlf was both Jim Henson's first Muppet as well as his favorite.
A sad, forlorn Fozzie making a lonely exodus on his own, clearly missing Kermit terribly, almost seems to mirror Frank Oz's inexorable drift away from the Muppets to focus on his directing work after losing his best friend Jim.
Also, by their part in the song, Gonzo and Camilla have already separated from their group of longtime friends and are by themselves. As it turns out, Dave Goelz and Jerry Nelson would be the last of the pre-Muppet Show performers to stick with the group (until Nelson's semi-retirement in 2004 and death in 2012).