Jobs probably wouldn't sue Sesame Street since he would be suing himself. After Jim Henson died he left his legacy to Disney & Jobs is the largest shareholder of Disney. As much of an asshole Jobs is I seriously doubt he will sue Sesame Street.
How can you patent a type of ride that has been around for ages. They have these type of rides at almost every road side carnival around. As a frequent guest at Cedar Point they already have a ride there (Wave Swinger) that is similar to the new one they are planning to build except it's not 400' high.
Plus the one they are building is different then the one in the patent. As long as you change at least one little thing it shouldn't be infringing on their patent.
I hope Cedar Fair doesn't collapse to the pressure and change their plans. If you go to any amusement park they all have similar rides to one another.