Visually it's very good. The effects are almost seamless. Some of the underwater work uses obvious computer models, but things like the dragon are very effective.
There's so much going on that it seems shorter than it is. The acting is adequate. As most people seeing it will have read the book there is not much suspense about what will happen, but kids will enjoy seeing if it matches their expectations. Some sequences are likely to be a bit scary for younger kids, but Tilly got through it without trauma.
My tenuous connection with the film is that a friend knows someone who has a brief appearance in the ball scene.