While not as good as either "Year Without a Santa Claus" or the original "Rudolph", this was still must-see TV when I was growing up. Since it's one-hour long (when broadcast), you get more bang for your buck than the many half-hour Christmas shows.
When watching this recently, it seems to me they cut one of Red Skelton's songs. Wasn't there a song titled "The moving finger writes...", where Father Time explains to Rudolph how Baby New Year grows into an old man by the end of the year? I have a distinct memory of that. Perhaps it shows up on the DVD? In a similar vein, there's a song I know they routinely cut from "Year Without a Santa Claus"--Mrs. Claus singing "Anyone Can Be Santa Claus". I realize that they're probably squeezing in more commercials than when I was a kid, & something is bound to get cut. Still.