If you are going to jugde this film by the standards of today's CGFX then forget my review, and forget watching this film. It's not for you. This movie was not made for an adult audience; nor for a 21st century one. . . . . and who cares? Not me.
If you are a parent looking to introduce your children to the classics, then this will be a terrific film to watch with your kids. Same if you are actually reading "Alice in Wonderland" together. Same if you are simply looking for a good movie to watch with any child under the age of nine. Same if you are interested in film history at all, stop-motion animation, or childrens' film, etc.
This is a fairly good (accurate) rendition of Lewis Carroll's classic. Clearly, it is presented here on a copy obtained from old film, complete with graininess, jumpy editing, color inconsistencies, etc. And all that gives a wonderful antique feel to the entire experience of watching the movie. In addition, this is an excellent early example of human and claymation interaction, very well excecuted on surreal sets that recall cinematic classics such as the Cabinet of Dr. Caligari.
But don't be put off by my Caligari reference. Nothing too scary happens here. This is a fairly light -- if odd -- musical fantasy film, with Carroll's own poetry supplying the lyrics to all of the songs.
In short, I highly recommend this to a wide audience of viewers.