It's beautiful. The animation is amazing -- I would swear the animals were real. I wasn't even bothered by the uncanny valley (unlike, say, The Polar Express, where everyone's eyes completely creeped me out). CGI has come quite a long way over the years.
I kind of missed the more light-hearted moments of the original. This one is a bit darker in tone. But I guess it's hard to have a realistic-looking warthog suddenly appear dressed in a grass skirt, or to have the hyenas shuddering upon hearing the word, "Mufasa". I didn't really feel Pumbaa's rage at being called chubby, either, as I did with the original. I definitely missed Jeremy Irons' dry sarcasm.
I enjoyed it quite a lot, mind you, though I think I might prefer the original just a little bit. Still, I'll probably see this one again.