I enjoyed it for what it was. Loved the opening credits and the first 20 minutes which had the retro, B/W, normal 4:3 resolution start, which was sort of like a homage to the '39 original. And then the slow transformation to wonderful, vibrant colors and full digital resolution was simply delightful. The CGI effects were outstanding, making the land of Oz look more vibrant than it ever has been. Some of the effects, like the waterfalls and the small video-game like sequences were absolutely stunning.
***BEWARE OF POSSIBLE SPOILERS***
The problem, inherently, lies with the story. I couldn't decide if this was a prequel, or a re-imagining, or simply a story inspired by Baum's books. It was distressing to see main characters either completely disappeared, or thrown about in subtle hints (homages) here and there (the Cowardly Lion, the Scarecrow). And my major grouse - I absolutely hated what they did with the Wicked Witch, because Mila Kunis, in all her glamour and radiance, was horribly miscast, and l didn't like the Green Goblin-esque candor of the transformed Wicked Witch. Seemed like Raimi wanted that part to be an ode to his first Spider-Man film for some odd reason.
James Franco seemed like an odd choice for the titular role, with his unimpressive voice. Someone like Johnny Depp would have absolutely nailed this one. Rachel Weisz and Michelle Williams do their parts faithfully, but the miscast Mila Kunis was absolutely wasted in her role. She didn't suit the transformation either, making her looking a lot chubbier than she usually is.
***END OF SPOILERS***
Overall, an enjoyable timepass. If you are an ardent fan of Baum's Oz books, you might find this one glaringly inappropriate. I say, stick to the '39 original - it's the best of the lot. Even the 80s sequel has it's moments. Watch this one if you have absolutely nothing else to do. If not, skip.
P.S. - Missed Dorothy and the Tin Man, terribly, although the Bruce Campbell cameo was a nice touch.
Rating - 05/10