I like how they don't even try to hide the fact that the show isn't about Punky and all about the annoying plush toy advertisment with the magic powers.
I think that was supposed to be a ripoff of the magical yorkshire terrier thing in "Black Cauldron", which came out a couple years before... http://www.youtube.com/watch?v=Mt9zNVTAQoU
I've spent almost 20 years trying to get this stupid theme song out of my head. No fault to you for posting this, though, because I've never come close to succeeding.