I just finished reading this to my 8,6, and 4 year olds. The 4 year old didn't really understand most of it, but the 8 and 6 year olds liked it a lot (the 8 year old read ahead on his own).
It's a good bedtime book because the chapters are short. There's a lot of opportunity for the reader to YELL, and there can be some scary parts, so it appeals to the more rambunctious kids.
My kids caught on surprisingly well to the idea that there are many ways to "be a hero." I thought the book did well indicating that there were many ways to be not-so-heroic also. It wasn't a brains-against-jocks as much as I'd thought.
I tried reading this book out-loud to my kids (ages 9 & 7) since the movie was coming out, and I found that we never finished the book. My kids just weren't that into it and they love when I read to them. We went ahead and saw the movie even though we never finished the book, and I have to say that the movie is SO much better than this book. For me, that is usually not the case.