This may not be the best film ever made, or event the best Disney film ever made, but my 4 (almost 5) year old son loves it, possibly more than the original ("a tiny winy better" apparently!).
In essence the story is about Wendy's daughter, Jane, who is growing up during the Blitz, having been asked by her father (who has gone off to war) to look after her mummy and little brother Danny. Wendy takes this very seriously and forgets how to be a child, insisting that Peter Pan and Never Land don't exist. So, to cut a long story short this film is about learning to be a child again, and learning to believe.
I could watch my son watching this film for ever. He giggles for at least half of the film, totally entranced by the antics of the "Lost Boys" and Peter Pan getting one over on Captain Hook. It is one of the most enchanting sights I have ever seen. So, I guess what I'm saying is I don't mind if this doesn't live up to the original. I'm not watching it to see the film, but to bask in my son's enjoyment of it.