I'm conservative with what I allow my daughter to watch, and she hasn't seen much of Disney fare, just yet. This seems to have been specifically targeted to the little ones, though, and for the most part, it is appropriate.
I didn't care, though, for the sarcasm that Tinkerbell engages in. The nemesis character went too far with a very dangerous manipulation, and that level of evil intent was really disappointing to see in a film obviously meant for little ones.
Having said that, the animation was breathtaking, Loreena McKennit (sp?) did an exquisite job of narrating the film, and the acting and music was wonderful. My daughter is a lover of all things building-related, so I did really enjoyed the emphasis on that kind of creativity. As well, the message of accepting yourself was done pretty well (and I noticed that my daughter took this lesson away with her afterward). So, I'd say that with a bit of fast-forwarding through a few scenes (one with the thistles that my daughter found too scary), I actually will consider watching this one again with my four-year-old.
A more serious complaint though: The scene with the inappropriate sexual overtones when Tinkerbell cuts her large leaf outfit down to skimpy, skintight dimensions and the male fairy reactions to it were incredibly repulsive to see in a small child's movie. And, even worse, was the scene with the fireflies chasing Tinkerbell's lit-up behind (tush, I think the word was in the film...Really, Disney?). One of the fireflies is given a pantingly lascivious close-up moment before they all descend on her (yes, "tush"). I work in the realm of sexually abused children, and this scene was really offensive.
Seems Disney wishes to continue to partake in the sordid "tradition" of inserting a perversion into their films to give some of their fans who sophomorically hunt for these things some grotesque jollies. Yes, they do, do this, and if you don't think so, a quick Google search will give some information. Why are they still at this in this day and age?