I've seen a few of the Wiggles DVD's (over-and-over-and-over) and my favorite is the Christmas one that we just bought. They do some of the traditional Christmas songs (Away in a Manger, O Come All Ye Faithful, etc.) I really see the Wiggles as a kind of aerobics for kids-something to make them get up and move.
My kids love "The Wiggles"...while it may be hard (as an adult) to figure out why 4 guys are always so 'animated' all the time, I keep reminding myself that their demographic is the 1-5 year olds. They need to 'over'act to grab the kids attention.
Not that it's that hard to keep their attention - lots of characters, colors, music, etc. I'm not too worried about the 'gay' factor here, either, as I've heard that at least 3 of them are married.