DIsney's 1950s translation of the classic fairy tale is really well done. The incorporation of Tchaikovksy's "Sleeping Beauty" musical score makes the movie even all the more fun. There's no real surprises here--like Snow White, true love's first kiss breaks the spell. Having said that, the Prince must fight a vile creature and her goblin assistants in order to save a recently deceased Princess Aurora. Some small children may find both Maleficent (Eleanor Audley, who also voiced another Disney villain--Lady Tremaine from Cinderella) and her goblins to be a little dark and scary. The scene in which Princess Aurora has fallen under Maleficent's spell, leading up to her pricking her finger on the spinning wheel, is kinda eerie as well and may frighten some small children. The music, again taken straight from Tchaikovsky's "Sleeping Beauty" suite, is at it's most intense and creepy moments, intensifying the scene in the movie. While I would not say that there is too much drinking in the film, there is a scene in the movie in which King Stephen and Prince Philip's dad are drinking toasts to the wedding of their children. In the same scene, the lute player is scene drink and hiccuping into his instrument. While humorous, some more conservative parents may be put off by this scene and it can easily be skipped over without missing part of the movie or storyline.
On a positive note, Princess Aurora represents the Disney-stereotypical princess--selfless, beautiful, and (arguably) gullible. She's also fair, kind, and full of love for the fairies who raise her. The fairies act more like sisters in a family, sibling rivalry and all, and parents can use that to help quarreling siblings solve problems (because there obvious is real magic that will solve life's solutions).
You be the judge. I find the movie to be fairly mild, but don't give your kids nightmares over it.