1
general::
Delighted, as in We were pleased as Punch when they asked us to be godparents. This term alludes to the character Punch in Punch and Judy shows, who is always very happy when his evil deeds succeed. [Mid-1800s]
American Heritage Idioms
2
general::
Phrase(s): *pleased as Punch
delighted; very pleased. (*Also: as ~.) (This refers to Punch from the "Punch and Judy" shows.) • Child: Do you think Grandma will like the picture I’m making for her? Father: I think she’ll be as pleased as Punch. • Fred was pleased as Punch to discover that Ellen was making lemon pie, his favorite, for dessert.
McGrawhill's American Idioms And Phrasal Verbs