Some would say (particularly his detractors) that this is a regression for the filmmaker. But I would say that it is a smaller movie but with loftier expectations, still in the style of Wes Anderson that his fans love (and many indie filmmakers - and commercials - have tried to ape).
The period setting actually works in Anderson's favor in this instance, since most of his films (if not all) always have that air of being from the recent past (i.e. Anderson's youth).
The scenes with the kids and the Khaki Scouts in particular are the best. I would show this as a double feature with SON OF RAMBOW to a group of young teens and have their minds blown (either of those two would be THE GOONIES to their young generation, in a perfect world).
It's almost as if this was the movie that Max Fischer wanted to make, once he graduated from Rushmore and then film school.