I enjoyed this film but not quite as much as I would've liked. The special effects were very good although there were times the characters didn't blend well with them (most notably Oscar's river trip when he first arrives in Oz). That being said, the China Girl was rendered so beautifully that I thought she was real and Joey King's performance took it a step further.
The story was decent if not entirely obvious. I figured Theodora and Evanora would turn out to be actual wicked witches (even I had the two reversed), especially since I thought Michelle Williams would be a perfect casting choice for Glinda. There were some cheesy moments throughout and, unfortunately, Mila Kunis' performance as the newly transformed role as the Wicked Witch of the West was one of them (and the make-up/CGI didn't help any). However, I did love her performance before the transformation as well as Rachel Weisz's and Williams' performances, but I do agree Franco's performance was a bit flat.
There were many wonderful moments throughout the film, often involving the China Girl or callbacks to the 1939 film and Baum's original novel (I counted at least a dozen of such references and I'm sure I missed a few). I also loved the opening sequence in black and white full screen, complete with '30's film motifs.
Having seen this makes me want to go read the novel Wicked