Disney certainly had their eye on Looney Tunes while making this movie. A great escapist fantasy with fantastic characters. While it's a poor man's Alice in Wonderland (1951), and romanticizes the original book/plays message and story, it's a classic nonetheless.
I guess I liked it okay when I was younger, but having seen it again recently...yes, it's well-animated, and the plotting isn't bad, but aside from Wendy, John, and Michael, our protagonists are thoroughly unlikable. Especially Tinker Bell. While it's not really bad, it's not really good either.