As someone who didn't start watching SNL until shortly after Eddie left, I thought revisiting the old characters was fine, and there seemed to be an effort to make Mr. Robinson's Neighborhood and Velvet Jones current.
The new stuff Eddie was in was good, and he certainly committed to the material, especially the 12:55 sketch about the news coverage of the disaster at Santa's Workshop.
As for Cosby's publicist, it would seem he's paid by the word. I'd think keeping mum would be the better play.
David