Well...it wasn't horrible. It is probably one of the better Disney Live Action remakes, although that isn't saying much. Some of the charm of the original is here, although some of the edge is off (no drinking beer and smoking in this version and the Coachman was nowhere near as frightening). And thankfully it isn't completely drab and lifeless with a lot of color and energy popping off the screen. The ride through Pleasure Island was definitely my favorite part. The CGI wasn't the greatest and the lack of theatrical budget pretty noticeable. Figaro in particular was awful and had me wishing it was a real cat. The Monstro sequence was lacking. I'm actually okay with the final scene though and like the message (I'm not going to worry about the unfortunate implications in a children's fantasy movie). The Blue Fairy was an interesting take being more like a strange magical creature as opposed to the original angelic version. The villains were A LOT better in the original version. One thing I didn't like was how Pinocchio wasn't really badly behaved in this version compared to just being a victim of circumstance so the whole bit about earning his humanity fell flat. That was probably my biggest problem with the movie.
I have no desire to watch this again, but they've done worse.