Being a very large fan of the original story, this movie was absolutely abysmal. As a standalone movie it's just a bit below par (the songs are just awful), but given that it was based on such a great story, this film had something to live up to, and it falls far short of that. There are characters and storyline added that don't really make sense - and some of the best parts of the original story were omitted.
For some reason, the swans all have hair that is obnoxiously colored. Lime green, purple, yellow and orange?? I guess this is so you can tell them apart but there could've been a less anatomically incorrect way to do it... but I guess this will be OK for kids.
If you are a fan of the original story looking for a decent movie adaptation, DO NOT watch this movie. You will be sorely disappointed.
If you're looking for a cute and fun movie to watch with your kids, then this movie is adequate. But just barely.