totally agree with DeHe - no harm in waiting!
but... if you can get hold of a book that tells the story and read it first, that might help. of course, this is how we wound up with a kid who had watched (and LOVED) all 8 HP movies multiple times before the age of 5 - yet still gets very emotional about Miss Piggy physically and psychologically abusing Kermit.
My son loves the Muppets. I just hate that part of Piggy's character and trying to explain it! Ugh. It is also terrible that we crack up at Statler and Waldorf when really they are just mean. He doesn't seem upset but rather matter-of-fact and at least seems to get that Piggy is not one to emulate.