Personally I don't have a problem with it. TBH, it's nice to see a programme aimed at the under 3s which doesn't have one or all of the characters unable to talk except in babble or fart noises (tombliboos I'm looking at you).
No, the grammar isn't really there, but at least they actually talk. ITNG has always irritated me slightly although I let it pass because hey, what can you do, and it's only 20 minutes long.
Honestly, I could probably recite the premise (or close to it) of Waybuloo as it was presented to the execs, and it's a pretty good attempt at pleasing the children and parents. Better by far than its predecessors (Teletubbies and [shudder] the Fimbles). You're never going to make a children's programme which the children enjoy if you're only concerned with the parents opinions of it. Parents want their children to learn while they watch, or be taught morals, or this, or that, and every parent is different. Children want to watch something fun and understandable, and if that means taking the language 'down' to their level to catch the late developers as well as the faster ones, then so what? I guarantee they won't be watching it at 16.
And it's a damned sight better than the crap they get fed as they're older; Americanised Manga (which misses the point of manga completely) and sanitised violence with atrocious animation and grotesque characters.
And as it happens, I think 'cheebies' probably comes from 'chibi' which is a Japanese term for 'short person' or 'small child'. It's not just made up (though the 'plumatoes' are pretty daft).