Well,
We saw it last night. I personally was wide eyed and feeling 10 years old through most of it and Chris had never seen Peter Pan before in any form. I really liked it. It's not the best movie of the year but it's pretty darn good. Here's a few points:
The visuals , while not LOTR , were still pretty cool. The fairies, in particular were very well done.
Hook was awesome.
Hook's various outfits were even more awesome.
The crocodile should have had more screen time.
Tink didn't speak which made me happy because she's not supposed to talk. I liked that they explain how she's too small to feel more than one emotion at a time, and I personally liked that her expressions were exaggerated. There were only a few points where I thought she looked 'silly'. I mean, she's not a human in the story, she's a fairy.
The kid who played Peter , I thought did a great job of acting like a whiny and somewhat arrogant kid who refuses to accept growing up. I like how when Wendy mentions her brothers he says "Who?"
Wendy was well cast and I thought perfect.
The director did not go all PC and cut out any of the "objectionable" scenes.That is a plus in my book.
The mermaids were creepy as they are in the story.
All in all, I thought it stayed pretty accurate to the original story and it was nice and refreshing to get the story minus the annoying musical numbers.
Almost all of the complaints I read from bad reviews before I went were focused on a few things.
1.The sexuality between Peter & Wendy.

They are little kids (12, if memory serves). They kiss innocently and dance innocently and it's basically implied that they are little kids playing house.
2.Peter constantly looks aroused.

Peter has a crush on Wendy the same way most 12 year olds develop crushes. When she kisses him he is probably about to pass out for pete's sake. It's sweet.
3.But we've seen this story before...

You've seen it before as a musical, as a Disney-fied cartoon and as a comedy with Robin Williams. This is the closest to the real book. I think a lot of the people who gave it bad reviews are not familiar with the original work.
4.But they took away the music!

Originally there was no music.
5.The children are practically nude and this story was clearly directed by a child molester.

I guess thats a matter of opinion. I thought Peter was dressed like a kid who lives alone in the woods and hangs out with fantasy creatures.
That's just my opinion though. I liked it.
The text of the real story can be read here :
http://www.literatureproject.com/peter-pan/index.htm