Out of the four "Peanuts" Christmas specials, this is probably the best since the first. Like the other two, it's mainly a collection of strips taken straight from the comic and animated. This time, though, they've actually taken strips they can form a cohesive story out of. The focus this time is Rerun, younger brother of Linus and Lucy, and his desire to get a dog for Christmas. Rerun is a sweet character (sometimes almost too sweet), but he's genuine in his affection.
Some viewers complain about the segment where Rerun makes a joke about taking a girl to Paris and winds up getting accused of harassment. (The word "sexual" is never used.) Other reviewers actually said this would cause Charles Schulz to spin in his grave -- since Schulz himself wrote the strips that this segment is based on, I highly doubt that.
Nothing will ever approach the greatness of the original "Charlie Brown Christmas," but out of the ones that have come out since then, this is the cream of the crop.