Loved it as a kid. I would probably still enjoy it now, although I haven't see it for a few years now. It's just a fun family film.
I think the concept is cool and interesting, the set up and initial Neverland stuff is good and the finale is fun. From memory, the middle portion is possibly a little "bloated" but the 'Peter remembering who he is/learning to fly' stuff is cool. The Tink getting big and kissing Peter is a bit weird though (I remember thinking that even as a kid).
It's cast so well too. Williams as Peter, Hoffman as Hook and Hoskins as Smee are fantastic so it's no surprise that the best bits of the film are when these 3 are on screen (together or not).