While I was growing up, "The Muppet Show" shaped my personality and imagination, for better or worse, more than any other television show. Because it’s been 25 years since Kermit the Frog introduced his first T.V. guest, I think it’s time to reflect on the show’s past, look at its impact, and ponder what the future might bring for the entire Muppet gang. Fortunately, a by-product of this year’s anniversary celebration has been increased exposure, resulting in the Muppets being seen more in 2002 than at any point in the past decade. The partying culminated on Friday, November 29, when the all-new It's a Very Merry Muppet Christmas Movie aired on NBC.

"It's the classic Muppets in their traditional roles," says Kirk Thatcher, the film’s director. "We're trying to get the Muppets to feel contemporary yet be true to themselves." Thatcher has been working with the Muppets in various capacities for more than 15 years, but this is his first time directing.

The story revolves around the Muppets trying to save their classic theater from a miserly banker, played by Joan Cusack (Grosse Pointe Blank). She wants to demolish the theater and replace it with a trendy night club. The film promises to poke fun at many pop culture icons like Moulin Rouge, Cirque de Soleil and TV’s "Fear Factor." And like the famous Muppets television show, there’s a host of celebrity guests and cameos including David Arquette (Eight Legged Freaks ), Matt Lillard (Scooby-Doo), William H. Macy (Fargo), Kelly Ripa, and Whoopi Goldberg (Sister Act) as God.

During the past few months, the Muppets have been very busy indeed. They starred in a music video with alternative rockers Weezer, were subjects of a set of trading cards, and even got their own line of action figures. In addition, Kermit earned a star on the Hollywood Walk of Fame, and a new TV show is rumored to be in the works.

More than 5,000 licensed Muppets products are floating around out there. Ken Lilly, Director of Product Development at Pallisades Toys, the company that makes the Muppet action figures, admits, "I was a big Muppets fan before I started working on the line. I have become even more of a fan now." In just a few months, the Muppets have become the emerging company’s flagship line. Lilly expects the toys to remain popular. "We hope that the line continues for several years as there’s a ton of Muppets we want to make."

As a longtime Muppets fan, I hope Lilly is right. In fact, I wish Muppet action figures had been available when I first became hooked on these amusing creatures. I don’t believe I was ever an overly demanding child, but I remember being adamant about two things – a ban on peanut butter sandwiches and a weekly Muppets fix. Much to my older sister’s chagrin, she had to watch with me because if she tried to switch the channel, she’d have to deal with my mom first and me later.

When Jim Henson brought "The Muppet Show " to television, he introduced a colorful world of skits, songs and imagination. While the foam characters with ping-pong-ball eyes glued children to the TV, the humor gave parents something to chuckle at as well.

Another integral part of "The Muppet Show" involved celebrity guests. When production first began, it was tough convincing stars to sing and dance with puppets. But as soon as the show became a hit, the stars came to Henson. An appearance was a status symbol of sorts. Over the five seasons the Muppets were on the air, a diverse mix of guests included such stars as Julie Andrews, Elton John, and Russian ballet dancer Rudolf Nureyev.

With the runaway success of the show, movies were a logical extension. The Muppet Movie came out in 1979. While I was too young to see it then, that film would later become essential renting whenever my mom went to the video store. The Great Muppet Caper followed two years later and The Muppets Take Manhattan in 1984. However, after the third film, the Muppets' public profile began to wane. As Kermit explains, "It’s not easy being green."

All fads eventually fizzle out. For the Muppets that fizzle has been more like a pinhole tire leak. It’s there, but it takes a while to notice the difference. Ever since Jim Henson died of pneumonia in 1991, the Muppets have been searching for a voice, both figuratively and literally. Henson was the heart and soul of the Muppets, not only performing many of the characters, but also holding the show together. Now he’s gone, and Kermit’s voice is a bit deeper as the others in the franchise struggle to find their place.

While cute and charming, both A Muppet Christmas Carol and Muppet Treasure Island were short on that special Muppet magic, probably because both films cast the Muppets in established literary roles. Muppets from Space saw a return to original material with the characters playing themselves, but in the movie’s effort to modernize the franchise, the focus shifted emphasis to being "hip" instead of honest in heart. Plus, it revealed one of the world’s great mysteries that should never have been explained: Gonzo’s origin.

The 1990s contained few memorable Muppet moments, but the new millennium has arrived, and things are looking up again. "Welcome to Muppet Labs, where the future is being made today." All of a sudden children of the 1980s are adults and they’re looking for a nostalgia fix. Since the Muppets were one of my fonder memories growing up, naturally I gravitated to the fine cuisine of the Swedish Chef and the heckling of Statler and Waldorf. But no matter how retro the Muppets appear, long-term survival depends on new products. And until the Muppets are sold, many plans have been delegated to the backburner.

In 2000, the Muppets and The Jim Henson Company were purchased for $680 million by EM.TV & Merchandising AG. Now, this German-based media company is on the verge of bankruptcy and looking to liquidate some of its assets, including the Muppets. Rumors have been flying around for more than a year about possible suitors, including Disney, Warner Bros and billionaire Haim Saban, best known for bringing the "Mighty Morphin Power Rangers" to life.

Which brings us full circle to It's a Very Merry Muppet Christmas Movie. The plot of this new telefilm symbolizes what might happen should the franchise fall into the wrong hands. The Muppets, like the theater in the movie, are at risk. They could be taken over by someone who doesn’t care as much about history and the possibilities of the future. And that would be a shame. I fell in love with the Fozzie because we both shared many of the same insecurities. Kermit was great because he was a quiet leader, one who led by example and didn’t expect anything in return. Gonzo was always searching for his true self, both species-wise and in his personality. Even though I could see the rods that controlled their hands and the strings that helped them fly, the Muppets were very real to me.

Here’s hoping the Muppets transcend simple nostalgia and rise to fame again. But, to do so, they must find their niche. If a big company purchases them, Kermit might become just another corporate logo or pitchman. I’d hate to see that happen, for what would fans like me celebrate in another 25 years? Only the couple of DVDs that line our shelves -- a subtle reminder of our special foam friends from long ago.