Do you have kids? While I don't disagree with most of your post I do question your assessment on the intelligence level of our young ones. Most adults don't understand the complexities of adult life until their 30's to be honest.
Kids are smart. They pick up on a lot. I honestly believe that Sesame street would handle it in such a generic way that it would probably be no big deal. My daughter can't really talk yet. But she is smart enough at 14 months to walk from the living, up the stairs, down the hall, and into her bathroom, after me telling her its "tubby time". I don't say this brag but I don't live in a small house (it's no mansion either). She learns something new every day. It really is amazing watching her grow and learn. I have every reason to believe that she would understand what a divorce was at 3. I'm just not sure I'm ready for her to learn about it at 3. But as King pointed out. They are going to pick up on it somewhere. You might as well turn off the TV if you are that worried.
Darth Cruel's story about "Reptile Disfunction" comes to mind. It's funny, but it's a perfect example of how one can't shield kids from everything. That includes a wonderful viagra commercial.