I think Oswald is an adorable show. I've always been a fan of Fred Savage. However, we have had to ban Oswald in our house. Unfortunately, Oswald's favorite phrase (Oh my gosh!), is not one that we permit our children to say. I'm really disappointed with the writers of Oswald that they would feel the need to have such language in what otherwise is an adorable pre-schooler show.
The pace of this show is so slow that me and my wife often doze off during an episode. Our 2 1/2 year old is generally rivetted, however. The pace is just perfect for a young kid and the stories usually have some nice lessons about life. I love that every time the characters cross a street, they stop and look both ways. Those kinds of details are what makes the show good.