My first impression is it's better than the trailer made me suspect, but still rather mixed. There are some strong elements, including the basic premise, the narration for the most part, the daydream sequences, Scut Farkus, and especially the ending - which is often the hardest thing for a film to nail. At the same time, an awful lot of the individual story beats felt either like contrived filler or over-the-top slapstick (you could probably trim a solid 30 minutes without issue), and not all of the characters worked for me; the mother in particular came across as an entirely different personality. So... I wouldn't warn against a watch - it doesn't ruin the original - but I wouldn't set the absolute highest of expectations either.
