This episode aired after "Roswell That Ends Well" and in the same short season as "Godfellas," both all-time highs not just for the series but for comedy shows in general. So this episode is odd for its generic humor and poor writing. For example, how does the empty box deliver Santa's intended message to Bender?
There were some funny moments. I liked "Uh, yeah, that'd explain it. " And Zoidberg looked good in costume. But most of the jokes here were predictable, like somebody had to be in that bathtub, or uncreative, like Bender stealing Leela's purse and then her reaction.
Mostly I feel like the episode just coasted by on visual irony, like in the Elf-Town ghetto or Santa's murderous rampage. And those were sort of obvious jokes, not really anything special, not what I love Futurama for. The obviousness fits with the rest of the humor here: weirdly boiled-down, like it was dashed off for Christmas at Fox's demand.