First, I loved the show and so did my 3-1/2 year old DS. Second and more important for the MGM show you DO NOT want to be too close...since it is an elevated stage (and setaing is the floor)your child will have a difficult time seeing Pip & Pop, Tutter and others as their angle of view will be cut down significantly.
The show really tries to get the kids in the audience to participate, singing, dancing in the aisles (for brief skits)etc. You can expect to see Jaime (guy or girl)(only human character in the show) Bear, Tutter, Pip & Pop, Ojo, Treelo, Pooh, Tigger, Eeyore, Piglet, Olie, Billy Bevel, Zoe, Stanley, Dennis and a few others.
It is a very nice story line, and I think it is definietly appropriate for children in the pre-school age group.