Even though this episode takes place after Christmas, it's still the quintessential Christmas episode and very entertaining all around. The premise of "is Santa real or not" comes up (as pretty much every TV show does), making it pretty cliche, but by no means is that a bad thing.
However, the highlight of this episode is Michael J. Fox, coming over from Family Ties to play the part of Eddie, a runaway. As usual, he does an amazing job and gives a strong, believable performance, yet setting up a few laughs as well.
Overall a great episode, probably the best of the first season.