In my opinion, "Oz, the Great and Powerful" is infinitely better than most people (well. critics) seem to give it credit for. While the trailers made it look like another soulless cg spectacle in the vein of Burton's "Alice in Wonderland", Raimi manages to instill his film with a genuine sense of wonder and a lot of personal touches. It's refreshing that the movie takes its (very well acted) characters' emotional lives seriously and treats them without the least bit of cynicism, all while retaining a great sense of humor and whimsy, and never neglecting the visual spectacle and the fun of it all.
The movie left me with a smile on my face and a tear in my eye, which is a lot more than I would have expected from a big Disney family event movie these days.
Should definitely be seen on a big screen and in 3D!