Definitely a fun family movie. It's got everything a kid could love: fairies (that bite), flying monkeys (the monkey is the cute one, it's the flying baboons you've gotta look out for), sentient china dolls (warning, she's so sweet your teeth might just rot) and the kind of obvious, dramatic, tongue-in-cheek acting that almost succeeds at making fun of itself enough that you don't notice it. I mean, yeah, Oz is a con man, I get that the schtick has to stick, but I was a little underwhelmed by James Franco, and by the quality of the women who fall for him. Although I've got to give props to the wickedest witch of them all: girl, when you go dark side you don't just go, you freakin' run.
The atmosphere was rich, the story was good, the visual effects were mostly incredible (although Sam Raimi, damn it, get animators who can actually animate people in motion realistically! You did this crap in Spiderman too, it's jarring, stop it!) and I loved all the witches for different reasons. Glinda pulls off goodness without being cloying, Theodora has an endearingly severe personality disorder, and Evanora makes pulling strings look like she's conducting a symphony.
That's right, ladies, I love you. Loooove you. Especially you, Rachel. ;)
Is this something you should go and see without the leverage small children can apply to you? Yes...if you love fantasy, have read the books, or are really curious about the prequel to the fabled The Wizard of Oz. I suggest a matinee. Or in my case, a gift certificate that paid the way in. :)