Always LOVED this song. Way before I saw the movie (which I didn't until I was a teenager), my mom and I used to sing it together.
But... why is the goatherd a goat? Goats don't herd goats. I would have had him played by Kermit (because obviously FROGS herd goats, right?), since Piggy was the girl in the pale pink coat. Maybe this predates the Piggy/Kermie relationship? Or maybe Kermie can't yodel.