I have read the book around 10 to 20 times for my kids, and we are still reading it every now and then. It is a great story.
However, in order to dramatize the movie a bit, when converting it from a book to a movie, they have done several changes which I think are not working well. In many cases I do not find the movie as sympathetic as the book, and that is a shame.
When the movie first came out in the theaters, I went with my, at that time, 4 years old daughter, and we had a great time. My favorite moment was when you see the pear for the first time, and my daughter yelled out loud in the theater “that is the pear!”. We have since bought the DVD and watched it several times. Both kids have noticed several of the before mentioned changes and pointed out when something was different from the book.
I prefer the book (obviously), but it is a good children's movie nonetheless.