Spielberg on auto-pilot. Here he takes too long establishing the predictable plot and obvious "father needs to remember his own kids and imagination" storyline, but the sets look marvelous and it has beautiful matte paintings that look like my childhood's Neverland (especially stuff from the animated version).
I definitely preferred this as a kid, but it's still pretty enjoyable watch now, yes the fight scenes are playfully Kiddie friendly, but it's still pretty fun to watch. Soundtrack seems well made too, though it never rang too much when I saw it as a kid. Phil Collins even has a cameo that I never knew of