After I read the book to my kids, we rented the movie. I wanted to inspire them to listen to and read more books and I think watching the movie afterward is a great way to do that.
My kids enjoyed it a lot. Of course, the movie is very dated and it's hard to believe we watched it back in our day thinking that they movie looked great. But that aside, it held my childrens' interest (ages 4 & 6) quite well. There is nothing negative (language, etc.) in it that isn't portrayed as negative in the movie.
For example, while some of the children display gluttony, selfishness and rudeness, etc., they are all portrayed as negative character traits that you would want to avoid.
The only problematic part of the movie for me was the boat ride. It's a little scary for young children, but skipping quickly through it should solve that problem. I allowed my children to watch it and while they seemed afraid during that part of the movie, they quickly forgot once it was over.
Overall, I'd say this a great family movie - especially for slightly older children.