I guess I'm just SOL. Just read on DVD Angle that not only will the Columbia disc be exactly the same as Time-Life's, they'll also be grossly overpriced at $24.95. Thanks Columbia
It's full episodes, just totally out of order from the original airing. Since there is absolutely no surrounding narrative, it's not TOO objectionable with Muppet Show.
Jeff's right, each disc takes three entirely complete episodes of The Muppet Show and puts them onto the disc. It is just that the shows are randomly selected, along the line of a general theme. It might be hard to guess at what the theme is sometimes, but sometimes it is not:
Disc 1 is clearly "Singin' & Dancin'", with Elton John, Gene Kelly, and Julie Andrews.
Disc 4 (only available direct from Time/Life right now, but expected later in stores from Columbia, as discs 1 & 2 are being made available shortly) is clearly "Comedy", since the episodes are the ones with guests Peter Sellers, John Cleese, and Dudly Moore.
Disc 5 (also only from Time/Life right now) is clearly "Creepy", since we've got Vincent Price, spooky rock-star Alice Cooper (doesn't anyone still remember him?), and - fresh off of his role in Young Frankenstein - Marty Feldman.
And here's the reason every Star Wars fan will buy Volume 2!
To see LOTS of pics from the "Star Wars meets The Muppet Show" episode, see all of my screen shots that I posted at TVShowsOnDVD.com.
If you're interested in more info about the Time/Life releases of this set, so you can plan on the Columbia releases if nothing else, then check out the listings, also at TVShowsOnDVD.