This Academy award winning animation is about a boy who talks in sound effects. The animation style was very innovative for 1951 and anno 2006 it still has a very modern look. The narrative has a close resemblance to Dr. Seuss, talking in rhyme.
I found this animation through Animation Station, a podcast by animation collectors with audio discussions/interviews in AAC format (iPod audio) and animation bonus material in M4V format (iPod video). I highly recommend subscribing to the podcast through iTunes or your favorite podcast client (links available on the website).
The 2006 version is basically an education based rehash of the original version and premiered as part of the short-lived "Laugh U" block on Cartoon Network, along side shows like "Firehouse Tales", "Harry and His Bucket of Dinosaurs", and "Yoko! Jakamoko! Toto!"
There really wasn't much special about the 2006 "Gerald McBoing Boing", but the "Yoko! Jakamoko! Toto!" thing that accompanied it during the "Laugh U" program block was extremely unique on quite a few levels. The art style was based on old mayan pottery designs, and I believe the title/character names were based on the lyrics of a popular childrens song.