Has aged only slightly.
It's the Muppets that keep this afloat. Most of the "special guest stars" are embarassingly bad. Some of the most famous witty men of their day given dreadful lines as if comedy was not even considered. Martin came off great though. Kahn, Leachman and Brooks are typical.
The music was a bonus. VERY upbeat and catchy despite the schmaltzy oscar nominated tune.
The Muppets at the awards that year were a hoot.