For me, it's jingle all the way. It's got everything. A drunk reindeer. A terrorist mailman. Arnold punching a deer. Arnold punching Sinbad. Arnold punching Santa. Arnold in general.
Edit: sure are a lot of die hard fans of Die Hard.
A Muppet Family Christmas
It has everything, muppets, sesame street, fraggle rock, songs, jokes, swedish chef. It was my favorite as a kid and still makes me laugh every year.
I don't even recall seeing it as a kid in the 80s, but I found it once I had kids and it's absolutely our favorite to watch as a family. In fact, now that the kids are teenagers, this is probably the only one that will draw them out of their rooms to watch together still.