If you can get past seeing and hearing Drew Carey in a serious role, a sickly sweet British accent used by Julia Louis-Dreyfus, and a horrible makeup job on Pinocchio, this a a fun movie for the older crowd that remembers Pinocchio. Younger kids will like the film for the songs and dance numbers. You might say that this is a prequel to the Wicked genre - a familiar tale told from an alternate point of view. You'll find bits of sharp with below the surface at times, and they'll smack you in the face with it at other times.
Once you get past the negatives, this is - as other reviewers have mentioned - a return of the old style musical. The rest of the cast is fantastic, with engaging performances from practically all the supporting roles. While I'll admit the music can be pretty sugary, the big production numbers lots of fun, and Geppetto's ballads very lyrical. There's no Defying Gravity in this libretto, but there are a couple of tunes you might catch yourself humming (Toys, Satisfaction Guaranteed, Pleasure Island).
I'm torn between a 6 and a 7 for this film. I think, as a traditional silver-screen musical, it works well enough to be a keeper. I happen to like Drew Carey (though not in this role) so I'm going to round my score up. I think with a better effect budget (or simply better executed effects) and two new leads, this could be a solid 8-9.