I don't know how long this show has been running, but I hope Loonette lasts until my kids are too old to watch. I have a 3.5 year old and a 1 year old, and they are rivetted to the tv during this show.
Loonette the Clown, her Grandma Garbanzo Clown, Major Bedhead the mailman, and the other characters teach such things as responsibility (at least once in each show, Loonette asks "Who made this big mess? ME?? then I have to clean it up, it's only fair!"), helping others, telling the truth, etc. I read the other review for this show and had to laugh. Of course adults aren't meant to take it seriously - it's not geared towards us - it's geared towards pre-schoolers and babies. The show has plenty of educational value - it won't teach you the alphabet or counting to 20, but it teaches VALUES and how to interact with others.
I think the imagination and creativity demonstrated by this show is admirable and definitely strikes the right chord with kids, who can't get enough of the Big Comfy Couch (my kids want one now... unfortunately, our house isn't big enough!). Thumbs up from the kids!