One word: cute. There's nothing particularly remarkable about Dumbo. It's much simpler and more lighthearted, other than the drunken hallucination, which is rather creepy to be honest, though very fun to watch. The film isn't as grand as the eponymous protagonist's ears, nor as epic as previous Disney films, though it has moments of fine and powerful emotion, resulting in a film memorable in its simplicity.
Classic early feature from Disney with a fun and often touching script that tells its tale quickly but effectively. Watching with modern sensibilities one can call the filmmakers on hints of racism but some films need to be watched in the context of their times.
In terms of storytelling this film strikes me as pretty progressive. As a Protagonist Dumbo manages to drive the film without really doing anything til the end but it works. Some cinephiles dismiss Disney for mass producing cuteness but I can't agree here. It has sweet moments but the bulk of it is harsh or downright scary. In terms of craftsmanship I'll take 'The Pink Elephants' sequence over anything Pixar.