There are a lot of things to admire in this movie. Kids will really love the Mickey Mouse segment, The Sorcerer's Apprentice, but outside of that, there is not much immediately geared towards younger kids. I do remember I was able to get through the Bald Mountain sequence OK when I was younger, but be careful about that one.
Just remember to watch this one with your kids, otherwise there is a lot of stuff that will confuse or frighten your kids. It is still one of Disney's finest, no doubt about it