I had my expectations set low because a friend had warned me earlier. He was disappointed that the story line was different from the traditional/original story. So when I watched with no such expectations, it felt fine.
The visuals were phenomenal, although the 3-D felt a bit tacky after watching Avatar. Basically it felt at times like 2D-projected-into-3D, flat objects at different depths.But all-in-all, it was quite good, especially where Alice falls into the hole and comes out with a key.
The Alice character was well played by whoever she was. Johnny Depp was a bit annoying. The story was alright. I fail to understand Hollywood's fixation with dark scenes with grim mood and constant underlying tension in animation movies. Why can't a children's fantasy tale be light-hearted, or atleast half light-hearted, like say the Ice Age parts 1 and 2? Other than that dissatisfaction, I liked the graphics, and the many little cute amusing effects in the wonderland. Overall, I recommend.