Well, it's obvious from the get-go that visual appeal is the best aspect of this film. Nearly every scene that takes place in "Underland" is beautifully designed and shot. The superposition of actors' faces onto CG creatures, or the modification of their features really give this a visual edge. It's not Avatar, but it's definitely in the same vein (albeit along with a lot more craziness). However, the acting is also of note, with some great performances by Johnny Depp and Crispin Glover, and an outstanding one by Helena Bonham Carter.
Story-wise, though, it's fairly lacking. While there are some very good ideas and some very good parts (the Tea Party comes to mind), the whole thing ends up feeling a little disjointed. Alice takes a back seat as a cavalcade of characters tell her what to do, all building up to an end that starts out pretty well, only to be totally and hopelessly ruined by breakdancing. Yes, breakdancing. The very second Depp starts his strange dance, the movie loses all steam, which I guess might work in its favour, as we're so confused by it that we almost end up not noticing how conveniently everything just fixes itself in the very end. They even throw in a small encore by Alice, just to be sure we lose our focus.
Nonetheless, the movie remains enjoyable. While it's nowhere near the potential a Tim Burton Alice in Wonderland movie with this cast had, it's still a fun two hours.
In a sentence:
Visually stunning and wonderfully acted, but somewhat disjointed and soulless.