This is certainly a beautiful looking movie, and looks wonderful on blu-ray, no doubts there. However as an adaptation of Philip Pullman's excellent novel it falls rather short. Much of the commentary of the terrible evils of religion and their attacks on freedom, science, and knowledge, and specifically the catholic church have been removed or dulled hugely, changing the story from a multi faceted and complex tale into a simple adventure yarn.
Also, and this is particularly agregious, the final chapter was completely omitted, robbing the story of any closure at all, and given how this performed in the US box office, thanks to religious nut cases running a smear campaign against it I doubt the two sequels will ever get made.
My advice - read the books instead.