When it aired?
It aired on November 28th 1993 on Thanksgiving on the Channel FOX 53.
According to this footage from Bubsy Pilot (with original commercials), the next cartoons we're Garfield (at 7:30 am), Merry Melodies (at 8:00 am), The Pink Panther (at 8:30 am) and Xuxa (at 9:00 am). The cartoon was 21 minutes long and had 5 minutes of commercials, so it's believable, that it aired at 7:00 am.
List of Commercials
1. Bubblin shower (Mattel)
2. Original Bugles, corn snacks (General Mills, Inc.)
3. Granola Bars (Nature Valley)
4. 36 Hour Marathon sale! (Value City Furniture)
5. Tyrannosaurus Rocks (Mattel)
6. Bumble Ball (ERTL)
7. Quintex Cellular
8. Western School of Health & Business
9. Barbie: Paint 'N Dazzle Car (Mattel)
11. Thanksgiving Safety (Edgar Snyder & Associates)
12. Paws with a chase
The reactions weren't really good. It wasn't a big success, so it failed.
On the Bubsy Fanblog, Michael Berlyn said, that Accolade developers we're cringing while they watched it. Even though, they were involved in the production of it.
Some people say, that he hated the cartoon, but according to Sega-16's interview with Michael Berlyn, when they asked him, what did he thought of it, he said this:
"…//I thought it was extremely clever — it did a nice job of playing on Bubsy’s name, and the characters were all “Bubsy-like.” While the art direction was not what Bubsy was all about, it was at least interesting. Bubsy‘s original art direction was an interpretation of the Fleischer cartoons of the 1920s and 30s. The rounded, bouncing, alive cars and objects was what I wanted, and after a lot of work, was accomplished. The TV pilot had a more southwest, angled feel, and that was okay since the sponser was Taco Bell (if I recall correctly). The attitude and wisecracks were Bubsy, though." 
But it could only mean, that he only liked Bubsy's characters, because in the other interview (this time with DoctorClu), he said, that he didn't like the cartoon.
Some years later, when the internet started to exist, a lot of people talked and they're still talking about it. They said and they're still saying, that it sucks, it's annoying, has lame jokes, looks awful…
While it has a lot of negatives, it still has some positives:
1. The theme song and music are catchy & pretty good.
2. The animation is great, even tho' it has some animation errors, it still looks great.
3. The character designs and his world are interesting.
4. They did a great job on backgrounds.
5. Arnold himself is a bit funny at times with his goofy voices.
6. Sid himself is kinda funny at some point, even if he is stereotypical character like in many cartoons with hungry and moronic henchmen.