I doubt what the producers are looking for is something so "edgy" as to garner anything higher than a PG rating or as to otherwise alienate parents who grew up with Jim Henson's original HBO series and who want to introduce the underground-dwelling creatures to their own kids. But when I first read Edwards' rant, I thought of a Fraggle Rock film in which Red and Mokey are openly in a relationship and Boober and Wembley are clearly drug users. Then, I snapped out of that notion and thought maybe the Weinsteins want something more creative than Edwards has given them. But from what we've heard so far, the general idea is to have the Fraggles exit their rock and wander about in the real world. Just like that Smurfs movie currently in production.
Edwards also seems unclear as to what's meant by the word "edgy," and the best part of his blog entry is the way he links to another possible illustration for the word each time he writes it. Some of the examples include a kid in a Kiss costume, a dancing Colonel Sanders, a surfing Ronald McDonald and, of course, the updated look of Alvin and the Chipmunks, which is what I presume The Weinstein Company is after with this movie. But they could also be looking at the other Henson film in the works, the Muppet movie from Nick Stoller and Jason Segel, which will likely feature a good balance of kid and adult-friendly content.
Whatever their intent, if they really wanted to be "edgy," they'd make a movie centered on those foul-mouthed Doozers. Head over to YouTube and check out what the lawyer, Tumbrell Doozer, says at the 1:00 mark of the musical number, "Sing That Law Again" (potentially NSFW).